Costa Rica's ICE contracts 166 MW of solar, wind from private sector
Sep 10, 2024 16:44 CESTTerraForm Global (NASDAQ:GLBL), one of SunEdison’s (NYSE:SUNE) two yieldcos, has cancelled its agreement to buy a wind and solar power portfolio from Globeleq Mesoamerica Energy (GME) along with its development pipeline.
The company said in a regulatory filing that it decided to terminate the cash-and-stock deal after failing to obtain clearance from certain project lenders.
As part of the agreement signed in June 2015, TerraForm Global Operating LLC was supposed to buy four wind farms and one solar plant in Honduras, Costa Rica and Nicaragua, with a combined capacity of 326 MW. In addition, the company would have acquired GME’s wind and solar development platform, with a plan to subsequently sell it to SunEdison.
Under the terms of the deal, TerraForm Global was to pay USD 337.9 million (EUR 300m) in cash and also issue 701,754 shares of its Class A common stock, plus interest of 15% per year on the purchase price accruing from October 1, 2015.
SunEdison unveiled this deal together with several others, including an agreement to acquire Latin America Power Holding BV (LAP). The latter was terminated as well, which prompted the stockholders of LAP to sue the US renewables developer. Earlier this month, the two parties reached a USD-28.5-million settlement.
TerraForm Global estimates that the GME projects would have contributed some USD 32 million in cash available for distribution (CAFD) per year, excluding one-time benefits, if the transaction was completed.
(USD 1.0 = EUR 0.888)
Costa Rica's ICE contracts 166 MW of solar, wind from private sector
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