SunEdison Inc. is planning to raise US$750 million to fund its goal of increasing its geographical presence through acquisitions.
Sun Edison plans to offer US$375 million aggregate principal amount of convertible senior notes due 2023 and US$375 million aggregate principal amount of convertible senior notes due 2025 in a private placement.
The company said it intends to use the net proceeds from this offering to fund acquisitions to enhance size and value of future emerging markets vehicle, create a warehouse facility to acquire and hold operating assets for future dropdowns, retire debt and for other general corporate purposes.
The company also said it is considering whether to become a general partner that would control its yieldcos. Sun Edisson has a wholly-owned public-listed unit TerraForm Power Inc . that owns and operates power plants, and is planning to set up a second, for which it will use proceeds from the private placement to fund the assets.
SunEdison last week said it intends to purchase 757 megawatts of wind, solar and hydropower assets in developing nations.