SunEdison and TerraForm Power, Inc. have announced that they have signed a definitive agreement to acquire First Wind for US$ 2.4 billion.
SunEdison will purchase over 1.6GW of pipeline and backlog projects, which have been added to TerraForm Power's call right project list and are expected to be operational in 2016-2017. Included in the transaction is an additional 6.4GW of project development opportunities. SunEdison expects to accelerate the rate of project development and realise synergies and growth opportunities by integrating First Wind's wind platform into its own global project development and finance platform. TerraForm Power acquires 521 MW of contracted wind generation assets from First Wind and adds 1.6 GW to its list of call right projects scheduled for drop down in 2016-2017. The acquisition increases the generation capacity of TerraForm Power's operating portfolio by more than 50% and provides further geographic diversity inMaine, New York, Hawaii, Vermont and Massachusetts. In addition, subsequent to the acquisition, TerraForm Power's call right project list with SunEdison will double to 3.2 GW of solar and wind projects. The transaction is expected to close during the first quarter of 2015, subject to usual and customary conditions and regulatory approvals.