SunEdison today announced that it would not go ahead with the planned acquisition of Continuum Wind Energy’s wind assets.
Addressing a press conference here today, Pashupathy Gopalan, SunEdison’s President of Asia-Pacific and Sub-Saharan Africa operations, said that the company needed to conserve cash for its solar projects in India.
Continuum Energy’s portfolio consisted of 412.5 MW of wind energy assets.
SunEdison had planned to acquire them and then sell them to its US-listed YieldCo, TerraForm Global.
While SunEdison never disclosed the consideration, sources put it between ₹3,700 crore and ₹3,900 crore.
In the last few weeks, the share prices of TerraForm Global have dropped steeply, and as such, the company will not be able to buy the wind assets from SunEdison. “The parties are not going ahead with the transaction and are working towards amicably resolving the open items. Continuum continues to grow its business and add value through the substantial growth opportunities presented by the Indian renewable industry and its own strong pipeline of attractive projects”, said Arvind Bansal, CEO of Continuum, in a press release issued by SunEdison.