MEMC Electronic Materials (WFR) this afternoon said its SunEdison unit has sold a 70 MW solar power plant near Rovigo, Italy, for about 276 million Euros, or about $378 million, to a join venture formed by First Reserve and SunEdison. The company noted that SunEdison is a minority investor in the venture.
The company said First Reserve has made an initial payment of 46 million Euros, with the balance to be paid when the plant goes live on the grid, which is expected by the end of Q4. After the close, SunEdison will still manage the ongoing operations and maintenance of the plant.
WFR in late trading is down 7 cents, to $11.69.
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