Hogan Lovells Advises SunEdison on Continuum Wind Acquisition
17 June 2015
London, 17 June 2015 – Hogan Lovells has advised SunEdison, Inc. on the acquisition of Continuum Wind Energy Limited (Continuum) from MSIP International Holdings Cooperatief U.A., a cooperative incorporated in the Netherlands and advised by Morgan Stanley Infrastructure, and Continuum Energy Pte Limited, a company incorporated in Singapore. The transaction signed on Friday, 12 June 2015.
SunEdison is the world's largest renewable energy development company which develops, finances, installs, owns and operates renewable power plants for residential, commercial, government and utility customers. It is also one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services.
Continuum, a company established in India, with its subsidiaries, has more than 1,000 MW of wind power plants in development across six states in India, and also owns and operates 242 megawatts (MW) of wind power plants in Maharashtra and Gujarat States, as well as 170 MW of wind power under construction in Madhya Pradesh State. Following the acquisition, operation and maintenance of the wind power plants will be performed by SunEdison.
The Hogan Lovells team advising SunEdison was led by London corporate energy partners Steven Bryan and Nigel Read, with support from corporate associates Monika Przygoda, Catherine Lin, infrastructure senior associate Matteo Matteucci, tax partner Philip Harle and tax senior associate Aaron Burchell and also from the Hogan Lovells Singapore office and London intellectual property team. The client was also advised by Allen and Gledhill on matters of Singapore law and by Cyril Amarchand Mangaldas on matters of Indian law.
Commenting on the transaction, Steven Bryan said:
"This is a key transaction for our client SunEdison in line with their strategic ambitions. There has been rapid growth in India’s renewable energy market, particularly in wind and solar, which makes India a core target area for SunEdison. Continuum is a leading wind energy company which brings significant assets and a skilled wind development team to SunEdison's India portfolio. At the intersection of business and regulation and with our broad geographic footprint, Hogan Lovells is ideally placed to advise on complex cross border M&A in highly regulated sectors such as this."