MARYLAND HEIGHTS, Mo. and CHENNAI, India, June 16, 2015 /CNW/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has signed a definitive agreement to acquire Continuum Wind Energy Limited, Singapore with assets in India. Continuum owns and operates 242 megawatts (MW) AC of wind power plants in Maharashtra and Gujarat states, as well as 170 MW of wind power under construction in Madhya Pradesh state, and has more than 1,000 MW of wind power plants in development across six states in India.
"India is a core market for SunEdison and offers growth opportunities in wind and solar energy," said Ahmad Chatila, SunEdison president and chief executive officer. "With the acquisition of Continuum, a leading wind energy company in India, we have added significant assets and a skilled wind development team to drive further growth in our renewable energy development platform. This acquisition reinforces SunEdison's commitment to India and will drive immediate shareholder value."
"We are excited to join SunEdison at this time of rapid growth in India's renewable energy market," said Arvind Bansal, chief executive officer of Continuum. "SunEdison's strong global financial capabilities and talented local team here in India position us to capture the incredible business opportunity in this dynamic market."
SunEdison intends to place the power plants acquired from Continuum on the operational call rights list for TerraForm Global. Operation and maintenance of the wind power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
The definitive agreement was signed June 12, 2015 with closing expected in the third quarter of 2015, subject to regulatory approvals, third-party consents and customary closing conditions.
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including: the closing is expected in the third quarter of 2015, subject to regulatory approvals, third-party consents and customary closing conditions. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.
For further information: Media: Tory Patterson (USA), Grayling for SunEdison, SunEdison@grayling.com, +1 (619) 26909518; Tarur S Shankar (India, Asia-Pacific), SunEdison, email@example.com, +91 (0)9940105622; Investors/Analysts: R. Phelps Morris, SunEdison, firstname.lastname@example.org, +1 (314) 770-7325, http://www.sunedison.com