MEMC Electronic Materials Inc. said Tuesday that it has completed its purchase of the U.S. subsidiary of Fotowatio Renewable Ventures, a company that develops and runs solar power plants.
Missouri-based MEMC and its solar energy subsidiary, SunEdison, said they paid $112 million for the business.
They also agreed to repay $19 million in loans and capital contributions, and they could pay another $104 million if the Fotowatio U.S. division meets certain financial goals.
The deal was originally announced Aug. 3.
The Fotowatio division's U.S. staff will remain in northern California and report into SunEdison. It also has offices in Australia, Spain, France and Italy.
Carlos Domenech, SunEdison's president, said his company's purchase of the privately-held business will help it be a leader on solar projects with U.S. utilities.