SunEdison acquires Continuum Wind Energy

Solar technology provider SunEdison on Tuesday said it has acquired Singapore-based Continuum Wind Energy for an undisclosed amount.

"SunEdison has signed a definitive agreement to acquire Continuum Wind Energy, Singapore with assets in India," a company statement issued here stated.

Continuum owns and operates 242 MW of wind power plants in Maharashtra and Gujarat, and has another 170 MW project under construction in Madhya Pradesh and more than 1,000 MW in development stages across six states in the country.

"India is a core market for us and offers tremendous growth opportunities in wind and solar energy. 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," SunEdison President and CEO Ahmad Chatila said.

Commenting on the agreement, Continuum Chief Executive Arvind Bansal said, "SunEdison's strong global financial capabilities and talented local team here in India position us to capture the incredible business opportunity in this dynamic market."

SunEdison intends to place the power plants acquired from Continuum on the operational call rights list for TerraForm Global, an indirect subsidiary of SunEdison. Operation and maintenance of the wind power plants will be performed by SunEdison Services.