MEMC Electronic Materials (WFR) Subsidiary SunEdison Sells Bulk Of Largest Solar Plant In Europe (Rovigo) For Nearly $400 Million

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."

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