TerraForm Power Inc. has boosted its project portfolio with the acquisition of 168 megawatts of operating solar projects in the US and UK from SunEdison Inc in the first quarter of 2015.
TerraForm will pay SunEdison US$110 million in cash. All the projects were on TerraForm Power’s 3.4 gigawatts right of first option to acquire of SunEdison power plants once they are completed.
The acquired portfolio includes US distributed generation power plants representing 15MW and 11 utility-scale, ground mount plants in the UK comprising 153MW. TerraForm expects the projects to contribute US$17 million in cash available for distribution in 2015, and generate annualized unlevered cash available for distribution of US$24 million.
The portfolio’s buyers of power include affiliates of EDF Energy and Statkraft in the UK, and municipalities, federal agencies, schools and commercial entities for the US distributed generation portfolio.