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SunEdison sells Europe’s largest solar power plant to First Reserve

SunEdison, a solar energy services provider and a subsidiary of MEMC Electronic Materials, has sold a 70 megawatt photovoltaic power plant located in Northeast Italy, near the town of Rovigo. 

When completed in the fourth quarter of 2010, the Rovigo plant is expected to be the largest operating solar power plant in Europe. 

SunEdison and Banco Santander jointly developed and co-owned the Rovigo plant prior to this sale.
 
The Rovigo plant was acquired by First Reserve through the previously announced joint venture established between First Reserve Energy and SunEdison. SunEdison is a minority investor in the joint venture. Investment programmes managed by Partners Group and Perennius Capital Partners are also expected to co-invest in the project with the First Reserve joint venture.
 
The total price for the sale is expected to be approximately EUR276m. As part of the project acquisition, First Reserve has made an initial payment of EUR46m to SunEdison, with the balance to be paid upon interconnection of the plant, which is expected to occur by the end of the fourth quarter of 2010. 

First Reserve expects to close the long-term project debt financing for the project in the fourth quarter of 2010 and has obtained commitment letters from certain leading project finance banks with respect to the financing. 

After the sale, SunEdison will manage the ongoing operations and maintenance of the Rovigo plant.
 
Carlos Domenech, president of SunEdison, says: "This transaction demonstrates SunEdison’s capabilities in developing large-scale solar projects, working with investors to design and implement project finance structures, supporting government agencies in obtaining renewable energy goals and creating green energy jobs."

Mark Florian, managing director of First Reserve Energy Infrastructure, adds: "SunEdison is a leader in executing large scale projects like Rovigo and we are proud to add this flagship project to our energy infrastructure portfolio. Rovigo will serve as a worldwide reference for its scale, representing many unique skills embedded in our partnership with SunEdison, including expertise in coordination of complex solar projects, technical management and financial execution."

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