Acquisition announced for solar power supplier Vivint Solar
On July 20, SunEdison, the world's biggest renewable energy development firm, along with TerraForm Power, an owner and operator of clean energy power plants, announced the acquisition of Vivint Solar, a major supplier of residential solar systems in the U.S.
The merger will be worth approximately $2.2 billion in cash as the two major solar companies acquire the residential solar firm. Additionally, SunEdison has agreed to enter a power purchase agreement with TerraForm Power. Roughly 523 megawatts of solar power will be installed by Vivint Solar by the end of 2015, which will now all be moved over to SunEdison.
Through the $922 million power agreement, TerraForm Power will install the solar panels for residential solar protections through a "10-year average levered cash-on-cash yield of 9.5 percent," the release stated. Also, TerraForm Power will obtain future small commercial solar and completed residential projects from SunEdison's Residential and Small Commercial business unit. Cont'd...
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