Acquired Electronics360

SunEdison Enters the Wind Market

19 November 2014

SunEdison has signed an agreement with TerraForm Power Inc. to acquire First Wind, a renewable energy company in the U.S., for $2.4 billion immediately launching SunEdison into the wind power market.

As a result of the acquisition, SunEdison claims it has become the leading global renewable energy development company and has risen its 2015 projected installation guidance to 2.1 GW to 2.3 GW up from 1.6 GW to 1.8 GW. SunEdison said it plans to accelerate the rate of project development and growth opportunities by integrating First Wind’s wind platform into its own global project development and finance platform. The company said it will increase its total pipeline, backlog and leads by 8.0 GW immediately.

SunEdison will contribute $1.5 billion to the acquisition, $1.0 billion upfront. TerraForm Power will acquire First Wind’s portfolio for an enterprise value of $862 million. The acquisition is expected to close in the first quarter of 2015.

Ahmad Chatila, president and CEO of SunEdison, said in a statement the deal makes SunEdison and TerraForm Power “into diversified renewable energy companies” and will make SunEdison “the leading renewable power plant developer in the world.”

Related links:

www.sunedison.com

IHS Power & Energy

News articles:

Solar Boom in the UK Expected in 2015

Solar Glass Prices Set for Long-term Increase

SunEdison Rolls ZWS-based Solar Module

Solar Installations Set for Sizable Uptick

Solar Microinverters, Power Optimizers Set For Substantial Growth



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