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SOLAR ENERGY CO. SUNEDISON BUYING WIND POWER CO.

Published by Gbaf News

Posted on November 18, 2014

1 min read
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The Associated Press

SunEdison Announces $2.4 Billion Acquisition

Solar energy company SunEdison is adding some wind-fueled power to its business with a deal worth up to $2.4 billion.

The St. Peters, Missouri-based company and its publicly traded subsidiary, TerraForm Power Inc., say they are buying First Wind for $1.9 billion now and $510 million in payments if First Wind completes certain projects.

First Wind's Projects and Geographic Reach

First Wind is a Boston-based independent energy company operating or building projects in the Northeast, West and Hawaii.

Timeline and Details of the Transaction

The deal is expected to close in the first quarter.

Market Reaction to SunEdison and TerraForm Stocks

SunEdison Inc. develops and operates solar power plants. Its shares are up 8 percent to $17.95 in after-hours trading. TerraForm’s shares gained 1.2 percent to $26.15.

Key Takeaways

  • SunEdison and TerraForm Power are acquiring First Wind in a deal worth up to $2.4 billion.
  • The agreement includes $1.9 billion now and up to $510 million in future payments tied to project completions.
  • The acquisition adds operating wind and solar assets and a large development pipeline across the U.S.
  • The deal is expected to close in Q1 2015, positioning SunEdison as a leading global renewable energy developer.
  • SunEdison shares rose about 8 %; TerraForm Power shares gained approximately 1.2 % in after-hours trading.

References

Frequently Asked Questions

Who is being acquired in this deal?
First Wind, a Boston‑based independent wind (and solar) energy company operating in the Northeast, West and Hawaii.
What is the total value of the deal?
Up to $2.4 billion—$1.9 billion paid upfront and up to $510 million in contingent payments upon project completion.
When is the acquisition expected to close?
During the first quarter of 2015, subject to customary conditions.
What does SunEdison get from the acquisition?
Immediate operating wind and solar assets, plus a substantial development pipeline.
How did the market react?
SunEdison’s shares rose about 8 % to $17.95 after hours; TerraForm Power’s shares gained around 1.2 %, reaching $26.15.

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