TerraForm Power to buy 930 megawatt of wind farms in the US and Canada for $2 bn
07 Jul 2015
TerraForm Power Inc, a unit of SunEdison Inc, today struck a deal to buy 930 megawatt of wind farms in the US and Canada from Invenergy Wind LLC for $2 billion.
TerraForm Power will acquire 460 MW of the wind power plants from Invenergy with the remaining 470 MW to be acquired by a new warehouse facility
The acquired portfolio comprises seven contracted wind farms located in the US and Canada.
Invenergy will retain a 9.9 per cent stake in the US assets and will provide certain operation and maintenance services for these power plants.
SunEdison, which is the world's largest renewable energy development company, entered the US market in early 2015 through the acquisition of First Wind for $2.4 billion.
"TerraForm Power continues to transform the energy landscape with our acquisition of Invenergy's wind power portfolio," said Carlos Domenech, TerraForm Power's chief executive officer.
"TerraForm Power's acquisition of the Invenergy wind plants leverages the power of SunEdison's platform which was enhanced with our acquisition of First Wind in January of 2015," said Ahmad Chatila, SunEdison chief executive officer and TerraForm Power chairman.
"The Invenergy transaction creates significant value for our shareholders through the accretion in our TerraForm Power ownership and the acceleration of our Incentive Distribution Rights (IDRs). Together with TerraForm Power, SunEdison's development platform will change how energy is generated, distributed and owned around the world,'' he added.