The portfolio, which is expected to be fully operational by the end of March 2014, marks SunEdison's entry into the rapidly growing UK solar market. The projects, which are currently under construction, are located in Swindon, Wiltshire, North Devon and on the Essex/Suffolk border.
"This demonstrates our ability to utilize existing relationships to enter new markets and facilitate the expansion of our utility business without impacting our balance sheet," said Jose Perez, SunEdison's president of EMEA and Latin America. "We are looking forward to supporting economic growth for the United Kingdom through solar projects that create jobs and support the local economy while delivering predictably priced energy."
SunEdison has arranged a share purchase agreement with Foresight Solar Fund Limited, which will acquire the entire portfolio of projects once interconnected. The energy produced from the projects will be purchased from SunEdison by SmartestEnergy, a market leading purchaser of independently generated electricity in the UK, through a power purchase agreement.