NEW YORK, June 18, 2014 -- On June 17, 2014, the AES Corporation (NYSE: AES) announced that it entered into a definitive agreement with SunEdison, Inc. (SunEdison) to sell its 50% stake in 336 MW of solar photovoltaic (PV) projects owned by Silver Ridge Power, LLC (Silver Ridge), a joint venture between AES and Riverstone Holdings LLC. Under the agreement, AES will sell its interest in solar PV projects in operation and under development in Europe, India and the United States for an equity purchase price of $165 million.
SunEdison also has an option to acquire AES’ 50% ownership in 130 MW of solar PV projects in Italy for an additional $42 million by August 2015. This agreement does not include the sale of AES’ 50% stake in the remaining 55 MW of solar PV projects in Puerto Rico and Spain.
Baker Botts served as counsel to AES.
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