Jan 6 (Reuters) - TerraForm Power Inc, the “yieldco” of bankrupt solar company SunEdison Inc, said it would sell some UK solar projects to Vortex, the renewable energy investment platform of Egypt’s EFG Hermes , for about $580 million.
TerraForm said on Friday its unit, TerraForm Power Operating LLC, would sell 24 operating solar projects representing 365 megawatts (MW).
TerraForm Power will continue to own an 11 MW operating solar plant in the UK, which it expects to divest in the future.
Yieldcos are publicly traded subsidiaries that hold renewable energy assets, including assets bought from their parents or sponsors. (Reporting by John Benny in Bengaluru; Editing by Maju Samuel)