MEMC Electronic Materials has completed its acquisition of Fotowatio Renewable Ventures US (FRV US), boosting its portfolio of US-based solar energy projects up to as much as 1.4 gigawatts (GW), once a number of projects in development are finished.
MEMC, together with its solar energy subsidiary SunEdison, purchased the privately held solar power company for $112 million, in addition to repayment of some $19 million in intercompany loans and capital contributions. If FRV US meets certain performance targets, MEMC might also pay up to $103.6 million in additional funds.
FRV US was a 100-percent owned subsidiary of Fotowatio Renewable Ventures, a global developer, operator and owner of solar power plants.
“This complementary acquisition will help us secure a leading position in the US utility market,” said Carlos Domenech, president of SunEdison and executive vice president of MEMC. “The acquired capabilities and portfolio of projects with leading utilities adds meaningful value to our operations.”
The acquisition could also help MEMC “continue lowering the cost of solar deployments through innovation and technology advancements,” Domenech said.
At the time of purchase, FRV US operated a portfolio of US-based solar power plants with a total capacity of 42 megawatts (MW). Another 28 projects in various stages of development could eventually bring SunEdison’s total capacity to 1.4 GW.