US utility Dominion has closed on the first phase of its previously announced sale of a 33% stake in 425MW solar PV capacity to SunEdison.
Dominion received approximately $180m for the first phase, which includes an interest in 253MW of solar generating capacity at 15 sites in five states.
The second phase is expected to close by early 2016 for approximately $120m, subject to working capital and other adjustments. It consists of a 33% stake in nine projects in three states totalling 172MW.
Dominion expects to pay down debt with the cash proceeds.
Image: Dominion’s Somers solar centre (Dominion)
Dominion closes SunEdison solar sale
First phase of 33% stake sell-off in 425MW solar completed
By EBS