Under the terms of the deal, SunEdison will purchase 60 per cent of the interest in BioTherm’s Round 1 portfolio, consisting of 3 operating assets. The power plants are contracted under 20-year fixed-price power purchase agreements (PPAs) with Eskom, South Africa’s largest state-owned power utility. The PPAs have a weighted average contract term of 19 years.

The transaction is expected to close in the near future, subject to review from the Department of Energy of the Republic of South Africa and normal closing conditions. As part of the agreement, SunEdison will assume management responsibilities for these acquired power plants beginning one year after the transaction closing date.

BioTherm’s other operations, which include developing, financing and constructing an extensive project pipeline across Africa -- including its Round 4 assets in South Africa as well as 74MW of preferred bidder projects across the rest of Africa -- will continue as usual.