Canadian Manufacturing

SunEdison, TerraForm buying wind power developer in US$2.4B deal

Missouri-based SunEdison, subsidiary TerraForm Power buying First Wind in deal that could be worth US$2.4 billion

St. Peters, Mo.—Solar energy company SunEdison Inc. is adding some wind-fueled power to its business with a deal worth as much as US$2.4 billion.

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

First Wind, based in Boston, develops, owns and operates wind projects across the United States.

SunEdison, which develops and operates solar power plants, said the deal will make it the world’s largest renewable energy development company.

Based on the anticipated impact of the deal, SunEdison raised its 2015 installation guidance from a range of 1.6- to 1.8 gigawatts to a range of 2.1- to 2.3 gigawatts.

One gigawatt can provide energy for as many as 750,000 homes.

The deal is expected to close in the first quarter.

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