Terra Nova RP to acquire 567 MW solar portfolio

A tie-up between SunEdison and clients advised by JP Morgan Asset Management 's global real assets division has acquired a 33 percent stake in a 336-megawatt (MW) Dominion-owned DC solar portfolio for $180 million plus working capital adjustment.

The partnership, known as Terra Nova Renewable Partners, was announced in September 2015. Since it was initiated, SunEdison has “sold or otherwise transferred 633 MW AC of wind assets and 336 MW DC of solar assets to the partnership.

The transaction itself was announced just prior to the start of the year and represents the first of two phases of acquisition announced in September. The entire portfolio to be acquired consists of 24 projects located across Indiana, Georgia, Connecticut, California, Tennessee and Utah, and has a total capacity of 567 MW of DC current. The first phase of the acquisition includes 15 projects with 336 MW of DC capacity and the second phase, which is expected to close in Q1 2016, includes acquisition of the remaining nine projects and their output. 

According to a related release, the partnership has the option to acquire the additional 67 percent of the portfolio through an indirect subsidiary “upon the occurrence of certain triggering events”. SunEdison has a right to purchase the assets held by the partnership within five years, the release said.