SunEdison Inc. has announced that is has signed a definitive agreement to acquire Continuum Wind Energy Limited, which owns with multiple wind power assets in India.
The definitive agreement was signed on June 12th, 2015 with closing expected in Q3 2015, subject to regulatory approvals, third-party consents and customary closing conditions.
Continuum owns and operates 242 MW of AC wind power plants in the Maharashtra and Gujarat states as well as 170 MW of wind power under construction in the Madhya Pradesh state, and has more than 1,000 MW of wind power plants in development across six states in India.
Ahmad Chatila, President and CEO of SunEdison, commented:
"India is a core market for SunEdison and offers growth opportunities in wind and solar energy. 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."
Operation and maintenance of the sites will be carried out by SunEdison Services, a subsidiary which provides global 24/7 asset management, monitoring and reporting services.
The CEO of Continuum Wind Energy, Arvind Bansal, stated the following:
"We are excited to join SunEdison at this time of rapid growth in India's renewable energy market. 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."
IPP Journal has recently been heavily reporting on SunEdison endeavors: