AES To Sell Stake In Solar Business

By RTT News, 
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(RTTNews.com) - AES Corp. ( AES ) Tuesday said it agreed to to sell its 50 percent stake in 336 MW of solar photovoltaic projects owned by Silver Ridge Power LLC to SunEdison Inc.Silver Ridge is a joint venture between AES and Riverstone Holdings LLC.

AES will sell its interest in solar PV projects in operation and under development in Europe, India and the United States for an equity purchase price of $165 million.

SunEdison also has an option to acquire AES' 50 percent ownership in 130 MW of solar PV projects in Italy for an additional $42 million by August 2015.

"This transaction is another example of how we are continuing to simplify our portfolio and unlock the value of our assets," said Andrés Gluski, AES President and Chief Executive Officer. "We plan to use the proceeds in-line with our strategy with the aim of maximizing total shareholder returns."

In addition, as announced in October 2013, AES will receive about $50 million in proceeds from Google's tax equity investment in Silver Ridge's 266 MW Mount Signal project in California.

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Referenced Stocks: AES , GOOGL , SUNE

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