SunEdison Closes Silver Ridge Stake Buy for $179 Million

SunEdison Inc. (SUNE), the best-performing solar company this year, closed its purchase of AES Corp. (AES)’s stake in the Silver Ridge Power LLC venture for $178.6 million in cash.

Riverstone Holdings LLC is retaining the remaining 50 percent stake in 336 megawatts of solar-power capacity, St. Peters, Missouri-based SunEdison said today in a statement. Silver Ridge is a joint venture formed by Riverstone and Arlington, Virginia-based AES, which said June 17 it expected to receive $165 million for its stake.

SunEdison is planning to buy Riverstone’s share of Silver Ridge’s stake in the Tenaska Imperial Solar Energy Center West project in 2016, according to the statement.

SunEdison has climbed 74 percent this year, the most in the Bloomberg Industries Global Large Solar Energy Index. The stock slid 1 percent to close at $22.66 in New York.

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 Robin Saponar, Carlos Caminada

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