Solar giant SunEdison Inc. and it’s clean energy yieldco division TerraForm Power Inc. have signed an agreement to acquire ownership of 930 megawatts (MW) of wind power plants from Invenergy Wind LLC.
In the terms of the agreement, SunEdison will spend $2 billion for the wind power plants boosting the clean energy company’s wind portfolio after it initially enters the wind market with its $2.4 billion buyout of First Wind (Read: SunEdison Enters the Wind Market). The deal includes seven contracted wind farms located in the U.S. and Canada.
SunEdison and TerraForm say the acquisition continues their efforts to navigate and aggregate a highly fragmented renewable energy market. Carlos Domenech, TerraForm’s CEO, says in a statement that the deal with Invenergy opens up the possibilities of further collaboration in the future.
TerraForm will acquire net ownership of 460 MW of wind power plants from Invenergy with the remaining 470 MW to be acquired by a new warehouse facility. Invenergy will retain a 9.9% stake in the U.S. wind plants and provide certain operation and maintenance services for this plants, under the agreement. The deal is set to close by the fourth quarter of 2015.
This acquisition continues SunEdison’s spending spree in the past nine months that included the First Wind buy in November, its grab of Solar Grid Storage in March and its purchase of three utility-scale solar power plants in Utah in April.
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