Dominion closes on first phase of solar power sale to SunEdison
Dominion expects to pay down debt with the cash proceeds
Dominion received nearly $180 million for the first phase, which includes an ownership interest in 253 MW (AC) of solar generating capacity at 15 sites in five states.
The second phase is expected to close by early 2016 for approximately $120 million, subject to working capital and certain other adjustments. It consists of a 33 percent ownership interest in nine projects in three states – totaling 172 MW (AC) of generating capacity.
Dominion expects to pay down debt with the cash proceeds.