AES Selling Solar-Power Venture Stake to SunEdison

AES Corp. (AES), a power provider in 21 countries, agreed to sell its 50 percent of the Silver Ridge Power LLC solar venture to SunEdison Inc. (SUNE) for $165 million.

SunEdison is acquiring interests in existing and future photovoltaic projects in the U.S., Europe and India from Silver Ridge, a 336-megawatt joint venture between Riverstone Holdings LLC and Arlington, Virginia-based AES. SunEdison also will have the option to buy the company’s 50 percent stake in 130 megawatts of additional capacity in Italy for $42 million by August 2015, AES said today in a statement.

AES plans to retain its stakes in 55 megawatts of solar capacity in Spain and Puerto Rico.

In another transaction, AES expects to receive about $50 million from Google Inc.’s tax-equity investment in a 266-megawatt project that began generating power in April.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Carlos Caminada, Robin Saponar

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