SOLAR GIANT BUYS WIND DEVELOPER

SunEdison and TerraForm Power Sign Definitive Agreement To Acquire First Wind For $2.4 Billion

November 17, 2014 (MarketWatch)

Leading global solar developer SunEdison, Inc. will become the world's biggest renewable energy development company. In partnership with global owner/operator of renewable energy power plants TerraForm Power, it acquired First Wind, one of the leading developers, owners and operators of wind projects in the U.S., for a total of up to $2.4 billion. They doubled their total addressable market and increased their total pipeline, backlog and leads to 8.0 GW, with immediate value creation for SunEdison and DPS accretion for TerraForm Power. SunEdison raised its 2015 installation guidance from 1.6-1.8 GW to 2.1-2.3 GW and accelerated timing of IDRs by approximately one year. TerraForm acquired 521 MW of operating wind and solar power plants with $72.5 million in CAFD and raised its 2015 dividend guidance to $1.30 per share, an increase of 44%. Transaction financing is fully committed and drop down growth funding is secured and there is $2.4 billion of committed bridge financing to fund the transaction, which is expected to close during Q1 2015. There is also $1.5 billion of non-recourse capital secured from six global banking institutions and First Reserve Infrastructure to fund future growth. Morgan Stanley, Barclays, BofA Merrill Lynch, Citi, Lazard, Goldman Sachs, and Marathon Capital participated. click here for more

click to enlarge

Tweet