SunEdison buys stake in solar power plant operator

July 3, 2014

MARYLAND HEIGHTS, Mo. (AP) -- SunEdison Inc. said Thursday that it bought a 50 percent stake in solar energy plant operator Silver Ridge Power for about $178.6 million in cash.

It bought the stake from Arlington, Virginia-based power company The AES Corp.

The deal gives SunEdison, which makes, installs and maintains solar panels, joint ownership of Silver Ridge Power's plants. In all, SunEdison will have interest in 336 megawatts of solar power.

St. Peters, Missouri-based SunEdison will also provide operations, management and other services for Silver Ridge Power's projects.

The other half of Silver Ridge Power is owned by private equity firm Riverstone Holdings.