Thailand-based Bangchak Petroleum’s (BCP) subsidiary BCPG has agreed to purchase the entire Japanese solar power business of SunEdison, for nearly $80m.

According to Bangchak, the investment is in line with both the company’s and BCPG’s strategy to expand their renewable energy business in order to increase corporate value and diversify the risk.

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The deal will increase BCPG’s solar power generating capacity to 410MW from the current 180MW in the region.

BCP president Chaiwat Kovavisarach was quoted by DealStreetAsia as saying: "This is our significant step to become a leading renewable energy firm in Asia. Also, this acquisition is a shortcut to drive BCPG’s growth and get it ready to raise funds on the stock exchange this year."

"This is our significant step to become a leading renewable energy firm in Asia."

Under the sale and purchase agreement with SunEdison International, BCPG is acquiring the entire shares in SunEdison Japan Corporation (SEJ), SunEdison Japan Debt Financing (SEDF) and SunEdison TK Investor 1 (SETK).

The three firms have solar power facilities with a combined capacity of 198MW, of which 13MW is operational, 27MW is under construction and 158MW is under development.

Last November, SunEdison signed an agreement with its yieldco TerraForm Global to divest a series of its projects in India, totalling 425MW.

The $231m transaction follows SunEdison’s announcement earlier this month that it will stop selling projects to its two yieldcos until market conditions turned favourable.

The projects are to be divested under the agreement and will replace a share of those projects and the associated cash available for distribution (CAFD), which were part of TerraForm Global’s initial portfolio.