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The consortium includes Greylock Partners, HSH Nordbank AG, Applied Ventures, LLC, Black River Commodity Clean Energy Investment Fund, MissionPoint Capital Partners, and Allco Renewable Energy Group Limited, LLC.
MEMC Electronic Materials will pay the consideration as to 70% in cash and 30% in stock. The agreement also includes an earn-out provision of an additional $89 million to be paid in cash and stock based on SunEdison achieving certain performance targets in 2010.
Morgan Stanley is advising SunEdison on the transaction, which is expected to close by the end of 2009.
Deal Type Private Equity Sub-Category Exit Deal Status Announced: 2009-10-22
Deal Participants
Target (Company) SunEdison LLC Acquirer (Company) MEMC Electronic Materials, Inc. Vendor (Company) HSH Nordbank AG
Deal Rationale
This transaction will provide a third engine of growth for MEMC. The transaction will enable SunEdison to drive revenue growth for its wafer business while producing a recurring revenue stream from solar-generated electricity.
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