Solarpack, a Spanish multinational specialized in developing and building solar photovoltaic power plants, has signed an agreement to sell a 100% equity interest of its solar project in Uruguay, Alto Cielo, S.A to SunEdison. Alto Cielo is a special purpose vehicle owning a 26 MW solar power project which will be financed, built and operated by Solarpack.
This project is part of the renewable energy assets portfolio that SunEdison has acquired with the aim of transferring to its recently announced Emerging Markets Yieldco, TerraForm Global.
Solarpack’s effective disposal of the solar plant will take place once the project starts operating, expected for December 2015.
The Alto Cielo project is located in the Tomás Gomensoro locality, Artigas Department, Uruguay and is expected to be interconnected in the fourth quarter of 2015. The project is contracted under a U.S. dollar-denominated, government-guaranteed 28-year power purchase agreement (PPA) with the National Administration of Power Plants and Electrical Transmissions (UTE), Uruguay’s state-owned utility. Under the terms of the PPA, UTE will purchase all energy produced by the Alto Cielo project for the duration of the contract.
Pablo Burgos, Solarpack’s CEO, said: “with the signature of this important agreement, Solarpack demonstrate its capacity to develop, finance, built and operate the highest quality projects, up to the requirements of the leading global companies of the sector, such as SunEdison and its Yieldcos. This deal consolidates even more Solarpack’s leading position in South America, where we already have 26 MWp in operation in Chile and 62 MWp in Peru”.
The transaction is subject to customary closing conditions.