SunEdison has announced that it had raised a total of US$ 590 million to fund the acquisition of First Wind.
SunEdison raised US$ 190 million of proceeds through the secondary offering of SunEdison Semiconductor shares. In addition, SunEdison has secured a US$ 400 million credit commitment from several SunEdison relationship financial institutions for a 24-month loan secured with a portion of SunEdison's shares in TerraForm Power. The US$ 590 million in proceeds from these transactions will be used to fund the cash portion of the upfront consideration to purchase First Wind. The acquisition is expected to close during the first quarter of 2015, subject to usual and customary conditions and regulatory approvals.
