SunEdison, TerraForm to buy First Wind for $2.4B

Solar company SunEdison and unit TerraForm Power said they would buy First Wind for $2.4 billion to enter the U.S. wind power market.
 
SunEdison's shares rose 6.6 percent to $17.70, while TerraForm shares rose 1.2 percent to $26.15 in after-market trading.
 
The deal comprises $1.9 billion in upfront payment and $510 million in earn-outs, the companies said.
 
Boston-based First Wind is operating or building renewable energy projects in the Northeast, the West and Hawaii, with a combined capacity of nearly 1,300 megawatts (MW) - enough to power more than 425,000 homes each year.
 
SunEdison raised its 2015 installation forecast to 2.1-2.3 gigawatts (GW) from 1.6-1.8 GW. TerraForm increased its 2015 dividend forecast to $1.30 per share from 90 cents.
 
TerraForm was created by SunEdison to own and operate its solar power plants. TerraForm went public in July.
 
The deal is expected to close during the first quarter of 2015, the companies said.

 

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

SolarEdge Technologies - EV Charging Single Phase Inverter

SolarEdge Technologies - EV Charging Single Phase Inverter

The SolarEdge PV inverter combines sophisticated digital control technology with efficient power SolarEdge's EV charging single phase inverter offers homeowners the ability to charge electric vehicles up to six times faster than a standard Level 1 charger through an innovative solar boost mode that utilizes grid and PV charging simultaneously. This product is the world's first EV charger with an integrated PV inverter. Reducing the hassle of installing separately a standalone EV charger and a PV inverter, the EV charging inverter eliminates the need for additional wiring, conduit and a breaker installation. By installing an EV charger that is integrated with an inverter, no additional dedicated circuit breaker is needed, saving space and ruling out a potential upgrade to the main distribution panel. Whether you own an EV now or just want to be EV-ready, future-proof your home with SolarEdge.