Renewable energy provider SunEdison has decided to terminate the planned acquisition of Continuum Wind Energy as part of its decision to optimize business operations globally.
The company has taken a decision to terminate its planned acquisition of Continuum Wind Energy in India. Continuum consists of 412.5 MW of wind energy projects, the company said in a statement.
The announcement to terminate the acquisition was in line with other recent decisions by SunEdision to optimise its business operations globally in alignment with market opportunities, it added.
Also Read
"We will continue to pursue attractive wind and solar development opportunities as part of our longer term plan to develop over 15 GW of Indian wind and solar projects by 2022", SunEdison President (Asia Pacific and Sub-Saharan Africa), Pashupathy Gopalan said.
SunEdison and shareholders were in "amicable discussions" to complete termination related documentation.
"The parties are not going ahead with the transaction and are working towards amicably resolving the open items," Continuum CEO Arvind Bansal said.
In June 2015, SunEdison had announced its plan to acquire Singapore-based Continuum Wind Energy for an "undisclosed amount".
"SunEdison has signed a definitive agreement to acquire Continuum Wind Energy, Singapore with assets in India," the company statement had said.
Continuum owns and operates 242 MW of wind power plants in Maharashtra and Gujarat, and has another 170 MW project under construction in Madhya Pradesh, among others.
"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," Bansal said.
SunEdison had planned to place the power plants acquired from Continuum on the operational call rights list for TerraForm Global, an indirect subsidiary of SunEdison.
