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SunEdison selling Indian assets to Greenko for $392M

Greenko Energy Holdings has confirmed that it struck a dealto acquire an approximately 390-MW portfolio of solar and wind assets in Indiafrom SunEdison Inc.,the Business Standard reported Oct. 3.

The confirmation followed a Fitch Ratings report thatGreenko Energy will make a cash payment of $42 million and assume project-leveldebt of $350 million to acquire the projects, which are operational or close tocoming on line.

As part of the deal, Greenko Energy will also acquire a653-MW pipeline of solar projects in the South Asian country from SunEdison atno additional cost, according to Fitch report.

Greenko Groupplc in July emerged as the leading suitor for the renewable company's assets inIndia.

The transaction came after for SunEdison tosell certain Indian assets. As part of the arrangement, the yieldco had agreednot to pursue claims against the buyer relating in any way to the assetsincluded in the transaction. It expects to receive up to $10 million in cashproceeds from the sale.

SunEdison, which is facing more than $3 billion in claimsfrom TerraForm Global and TerraForm Power Inc. confirmed Oct. 3 that it is in talks with the yieldcosto resolve those claims.