06 September 2011
MEMC Electronic Materials, Inc. and its solar energy subsidiary, SunEdison, today announced that it has completed the acquisition of privately held Fotowatio Renewable Ventures, Inc., the 100% owned US subsidiary of Fotowatio Renewable Ventures, a leading global developer, operator and owner of solar power plants.
At closing, MEMC paid the previously disclosed initial consideration of $112 million, plus repayment of approximately $19 million in intercompany loans and capital contributions. Additional consideration of up to $103.6 million may be paid should FRV US achieve certain performance targets.
FRV US's solar portfolio includes 42 MW in operation in the US. In addition, FRV US's solar portfolio includes 28 projects currently in various stages of development, providing SunEdison with up to 1.4 GW of solar projects in the United States. The FRV US staff will remain in northern California and will report into MEMC's SunEdison subsidiary.
The company will provide further details on the transaction during its third quarter earnings conference call in early November.
