Shares of MEMC Electronic Materials (WFR) gapped up this morning on news its subsidiary SunEdison has sold what will be Europe’s largest solar plant to First Reserve for nearly $400 million.  The 70MW Rovigo Solar Plant in Northern Italy was co-developed by SunEdison and Banco Santander and SunEdison will remain a minority investor in the project in addition to running the plant.  First Reserve has made an initial payment of nearly $60 million and will make the rest of the payment once the plant goes live towards the end of the year.

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Mark Florian, Managing Director of First Reserve Energy Infrastructure, commented, "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."