TerraForm Global, a globally diversified owner of clean power generation assets in attractive, high-growth emerging markets controlled by SunEdison, has recently announced that it has competed an acquisition of the 26 MW Alto Cielo solar farm in Uruguay from the Spanish developer Solarpack.
The total price payed by the buyer ascends to approximately US$35.4 million, generating an annual free cash flow of US$3 million for its new owner. Solarpack will provide operation and maintenance services in the solar plant Alto Cielo, which was commissioned last month.
The Alto Cielo solar project is located in the Tomás Gomensoro locality of Uruguay’s Artigas Department. The project was contracted under a U.S. dollar-denominated, 28-year power purchase agreement (PPA) with the National Administration of Power Plants and Electrical Transmissions (UTE), Uruguay's state-owned utility.
TerraForm Global is taking steps to create some distance from SunEdison. The company opened, on April 3, legal proceedings against SunEdison under the allegation that about US$231 million have been used to repay a loan instead of completing solar farms in India.