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Baker Botts Represents AES in Sale of its Solar Business to SunEdison

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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.



About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 700 lawyers practicing throughout a network of 15 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 174-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.

 

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