M&A Deal Summary

First Reserve and SunEdison Acquire SunEdison Reserve

On May 25, 2010, private equity firm First Reserve and SunEdison acquired renewable energy company SunEdison Reserve

Acquisition Highlights
  • This is First Reserve’s 6th and SunEdison’s 1st transaction in the Renewable Energy sector.
  • This is First Reserve’s 38th and SunEdison’s 2nd transaction in the United States.
  • This is First Reserve’s 3rd and SunEdison’s 1st transaction in Connecticut.

M&A Deal Summary

Date 2010-05-25
Target SunEdison Reserve
Sector Renewable Energy
Buyer(s) First Reserve
SunEdison
Deal Type Joint Venture

Target

SunEdison Reserve

Greenwich, Connecticut, United States
SunEdison Reserve is a joint venture company (the “Company”) between SunEdison, the solar energy development division of MEMC electronic materials, Inc. (NYSE: WFR), and the first reserve energy infrastructure fund. SunEdison Reserve was founded in 2010 and is based in Greenwich, Connecticut.

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Buyer(S) 2

Buyer

First Reserve

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 61 of 109
Sector (Renewable Energy) 6 of 10
Type (Joint Venture) 1 of 5
State (Connecticut) 3 of 4
Country (United States) 38 of 73
Year (2010) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-03 Barra

Janeiro, Brazil

Barra is an exploration and production company focused on basins offshore Brazil. Barra currently owns an interest in one post-salt producing field in the Santos Basin. Barra Energia is based in Janeiro, Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 Umcebo Mining Pty.

Johannesburg, South Africa

Umcebo is a mining company with coal mining interests in Witbank, in the province of Mpumalanga, South Africa and with major deposits in the Wonderfontein and Delmas areas of South Africa. Umcebo and its subsidiaries currently own and/or operate eight collieries in the Witbank coalfield, producing various products for Eskom, the domestic market and export markets. An additional colliery will be brought on stream in the near future. Umcebo has the necessary expertise to plan, develop, staff and manage coal mining operations. Umcebo qualifies as a black-empowered company as defined by the Minerals and Petroleum Resources Development Act and the Mining Charter of South Africa.

Buy $69M
Buyer

SunEdison

St. Peters, Montana, United States

Category Company
Founded 1984
Sector Renewable Energy
Employees7,260
Revenue 2.5B USD (2014)
DESCRIPTION

SunEdison is a global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison was founded in 1984 and is based in St. Peters, Montana.


DEAL STATS #
Overall 2 of 14
Sector (Renewable Energy) 1 of 9
Type (Joint Venture) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 2 of 9
Year (2010) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-24 Solaicx

Santa Clara, California, United States

Solaicx manufactures low-cost, high-quality silicon ingots using proprietary equipment optimized for the solar industry. The Solaicx process provides significant competitive advantages in terms of cost, quality and silicon utilization.

Buy $66M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-01 Axio Power

Costa Mesa, California, United States

Buy -