SunEdison Inc. and TerraForm Power Inc. have completed their previously announced acquisition of First Wind Holdings, a developer of wind and solar projects.
In the transaction, TerraForm Power purchased 500 megawatts of operating wind power plants and 21MW of operating solar power plants from First Wind. SunEdison purchased the equity interests of First Wind and certain of its subsidiaries, thereby acquiring a leading wind development and asset management platform.
The acquisition provides SunEdison with an additional 8 gigawatts of development-stage projects, of which 1GW consists of PTC-eligible wind project pipeline and backlog, and 600MW of solar project pipeline and backlog. Since the acquisition announcement, SunEdison has secured wind turbines that increase the number of PTC-eligible wind projects from 1GW to 2.6GW.
“With the acquisition of First Wind, SunEdison becomes the leading renewable energy developer in the world,” said Ahmad Chatila, President and Chief Executive Officer of SunEdison. “This acquisition enhances SunEdison’s global offering and adds a talented wind development and asset management team. By combining SunEdison’s leading solar development platform with First Wind’s platform, SunEdison is well positioned to drive significant growth in global renewable energy markets, and deliver immediate shareholder value.”