The proceeds of the sale will help SunEdison to pay down some of its debt.
SunEdison president and chief executive officer Ahmad Chatila said: "This agreement is a win-win for both SunEdison and TerraForm Global shareholders.
"This transaction provides accretive DPS to TerraForm Global shareholders."
The transaction follows recently announced SunEdison’s plan to stop selling projects to its two yieldcos till market conditions turn favorable.
SunEdison Asia Pacific president Pashupathy Gopalan was quoted by Reuters as saying: "We’ll go through evaluation of good opportunities and wherever it makes sense we’ll continue to transact with the cash available in our yieldcos already."
SunEdison, which is heavily indebted, had received a portion of the purchase price recently and used it to partially pay off its margin loan.
TerraForm Global chief executive officer Brian Wuebbels said: "This transaction provides higher yields replacing lower-yielding IPO projects that were intended to be acquired through M&A and is consistent with our strategy to focus on organic growth provided by our sponsor.
"We are pleased to be able to add these accretive assets with 20 year contracted cash flows to TerraForm Global’s portfolio and believe they are critical to achieving our 2016 dividend guidance."
Earlier this month, National Thermal Power (NTPC) has selected SunEdison for the development of 500MW of solar capacity in Andhra Pradesh, a state in India, following bidding process.
By 2022, the Indian Government plans to have 100GW of installed solar capacity.
SunEdison plans to build 15.2GW of wind and solar power projects in the country by 2022.
Image: India plans to have 100GW of installed solar capacity by 2022. Photo: courtesy of worradmu/ FreeDigitalPhotos.net.
