SunEdison and Terraform Power Acquire First Wind

The energy companies SunEdison and Terraform Power have completed their acquisition of First Wind Holdings.

Under the terms of the transaction, Terraform Power has purchased 500 MW of operating wind power plants and 21 MW of operating solar power plants from First Wind. In turn, SunEdison has gained the equity interests of First Wind and some of its subsidiaries, along with 8 GW of development stage projects, and 0.6 GW of solar project pipeline and backlog. When the acquisition was announced in November last year, SunEdison raised its installation guidance for 2015 by 29 per cent. It also raised its 2016 installation outlook from 2.8 GW to 3.0 GW.

Ahmad Chatila, president and chief executive officer of SunEdison, said that the deal made SunEdison the leading renewable energy developer in the world, adding, “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."

SunEdison also made the news last week when Chatila met with President Obama and Prime Minister Modi to discuss how renewable energy could drive trade between the U.S. and India. And in December, SunEdison achieved financing in order to build 81.7 MW worth of projects in Honduras. The $146m projects are the largest of their kind in Central America and will see the connection to the grid of three plants – the 23.3 MW Pacifico plant, and the 23.3 MW and 35.1 MW Choluteca I and II plants.