SunEdison has terminated the securities purchase agreement with Light S.A. to acquire an approximate 16 per cent stake in Renova for US$ 250 million. In addition, the agreement (the Backlog Agreement) among SunEdison and TerraForm Global and Renova Energia which provided for the acquisition of certain development-stage projects that were intended for a subsequent sale by SunEdison to TerraForm Global as call rights projects under the sponsor support agreement was also terminated.
The Backlog Agreement covered 12 wind and hydro-electric projects in Brazil, which represented an aggregate capacity of approximately 2.7GW. These projects were in various stages of planning and development and the aggregate consideration for these projects was projected at approximately US$ 4 billion. The previously announced fifty-fifty joint venture between Renova and SunEdison to develop, own, and operate 1GW of utility scale solar photovoltaic projects to supply the Brazilian Regulated Electricity Market remains.
