NEW YORK (TheStreet) -- Shares of SunEdison Inc. (SUNE) are higher by 2.25% to $30.95 in mid-morning trading on Tuesday, after the solar energy products and solutions provider announced it has agreed to acquire Globeleq Mesoamerica Energy, the leading renewable energy company in Central America.
The value of the transaction was not disclosed. SunEdison said the deal will close in the 2015 third quarter.
"The acquisition will solidify SunEdison's position as the largest renewable energy developer in Central America as it expands its presence in the global renewable energy market," the company said in a statement announcing the transaction.
Additionally, SunEdison announced that it has also agreed to acquire Continuum Wind Energy Limited, Singapore with assets in India. The value of this transaction was also not disclosed.
"India is a core market forSunEdison and offers growth opportunities in wind and solar energy," company CEO Ahmad Chatila said in a statement.
"With the acquisition of Continuum, a leading wind energy company in India, we have added significant assets and a skilled wind development team to drive further growth in our renewable energy development platform. This acquisition reinforces SunEdison's commitment to India and will drive immediate shareholder value," Chatila added.
This deal will also close in the 2015 third quarter.
Separately, TheStreet Ratings team rates SUNEDISON INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and weak operating cash flow."