http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar-by-technology-renewable-energy-news/sunedison-sells-europe%e2%80%99s-biggest-solar-plant-to-first-reserve.html

US solar company SunEdison has sold what is anticipated to be the largest solar plant in Europe for around €276m to a joint venture it previously formed with Connecticut, US-based private equity firm First Reserve.

Based near the town of Rovigo in northeast Italy and jointly developed and owned by SunEdison and Banco Santander, the 70MW photovoltaic (PV) power plant is due to be completed in the final quarter of 2010.
According to publicly-traded company MEMC Electronic Materials, the parent company of SunEdison, SunEdison is a minority investor in the joint venture that acquired the project.
Additional investment programmes managed by Partners Group and Perennius Capital Partners are also expected to co-invest in the project alongside the First Reserve joint venture.
As part of the project acquisition, First Reserve has made an initial payment of €46m to SunEdison, with the remaining balance to be paid upon interconnection of the plant by the end of the fourth quarter.
First Reserve said it has already obtained commitment letters from certain leading project finance banks with respect to the financing.
SunEdison will manage the ongoing operations and maintenance of the Rovigo plant post-sale.
SunEdison president Carlos Domenech said, ‘This transaction demonstrates SunEdison’s capabilities in developing large-scale solar projects, working with investors to design and implement project finance structures, supporting government agencies in obtaining renewable energy goals and creating green energy jobs.’