The US based renewable energy development company SunEdison has agreed to acquire India based Continuum Wind Energy.
The company is planning to place the power plants acquired from Continuum on the operational call rights list for TerraForm Global, a unit of SunEdison dedicated towards owning and operating power plants.
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SunEdison will be responsible for the operation and maintenance of the acquired wind power plants and will provide asset monitoring, management, and reporting services.
Continuum has more than 1,000 MW of wind power plants under development across six states in India. The company already owns a 242MW AC of wind power plants in two Indian states, Maharashtra and Gujarat.
It is also constructing 170MW power plant in Madhya Pradesh state.
SunEdison president Ahmad Chatila said: "India is a core market for SunEdison and offers growth opportunities in wind and solar energy.
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By GlobalData"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."
Previously, SunEdison raised $402m to buy renewable plants in emerging markets and it signed a $335m private placement deal to get stake in TerraForm Global.
The company’s latest acquisition is expected to close in the third quarter of 2015, but it is subjected to regulatory approvals and third-party consents.
