 "SunEdison acquires Singapore's Continuum wind energy assets in India")
The US-based SunEdison Inc, the world's largest renewable energy development company, on June 16, 2015 announced that it has signed a definitive agreement to acquire Continuum Wind Energy Limited, Singapore, with assets in India. Continuum owns and operates 242 megawatts (MW) AC of wind power plants in Maharashtra and Gujarat states, as well as 170 MW of wind power under construction in Madhya Pradesh state, and has more than 1,000 MW of wind power plants in development across six states in India.
"India is a core market for SunEdison and offers growth opportunities in wind and solar energy. With the acquisition of Continuum, a leading wind energy company in India, we have added significant assets and a skilled wind development team to drive further growth in our renewable energy development platform. This acquisition reinforces SunEdison's commitment to India and will drive immediate shareholder value,” said Ahmad Chatila, president and chief executive officer, SunEdison.
Arvind Bansal, chief executive officer of Continuum, said, "We are excited to join SunEdison at this time of rapid growth in India's renewable energy market. SunEdison's strong global financial capabilities and talented local team here in India position us to capture the incredible business opportunity in this dynamic market."
SunEdison intends to place the power plants acquired from Continuum on the operational call rights list for TerraForm Global. Operation and maintenance of the wind power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
SunEdison has been increasing its exposure in renewable energy market in India. As part of it strategy, SunEdison inked the largest deal in India in solar energy cell manufacturing, with the country’s largest private power producer, Adani Enterprises, in January 2015, with an investment of $4 billion. It went on to commit 15-gigawatt (Gw) of solar power production at the RE-Invest 2015 meeting in February this year.
"India is a core market for SunEdison and offers growth opportunities in wind and solar energy. With the acquisition of Continuum, a leading wind energy company in India, we have added significant assets and a skilled wind development team to drive further growth in our renewable energy development platform. This acquisition reinforces SunEdison's commitment to India and will drive immediate shareholder value,” said Ahmad Chatila, president and chief executive officer, SunEdison.
Arvind Bansal, chief executive officer of Continuum, said, "We are excited to join SunEdison at this time of rapid growth in India's renewable energy market. SunEdison's strong global financial capabilities and talented local team here in India position us to capture the incredible business opportunity in this dynamic market."
SunEdison intends to place the power plants acquired from Continuum on the operational call rights list for TerraForm Global. Operation and maintenance of the wind power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
SunEdison has been increasing its exposure in renewable energy market in India. As part of it strategy, SunEdison inked the largest deal in India in solar energy cell manufacturing, with the country’s largest private power producer, Adani Enterprises, in January 2015, with an investment of $4 billion. It went on to commit 15-gigawatt (Gw) of solar power production at the RE-Invest 2015 meeting in February this year.