SunEdison and TerraForm Power have signed a definitive agreement to acquire Boston-based First Wind for $2.4 billion. The acquisition marks SunEdison’s entry into the US wind market, doubling the company’s total addressable market and making SunEdison the world’s largest renewable energy development company.
SunEdison will purchase over 1.6 GW of pipeline and backlog projects, which have been added to TerraForm Power’s call right project list and are expected to be operational in 2016–2017. Included in the transaction is an additional 6.4 GW of project development opportunities. SunEdison expects to accelerate the rate of project development and realize significant synergies and growth opportunities by integrating First Wind’s wind platform into its own global project development and finance platform.
The acquisition increases the generation capacity of TerraForm’s operating portfolio by more than 50 percent and provides further geographic diversity in Maine, New York, Hawaii, Vermont and Massachusetts.
The transaction is expected to close during the first quarter of 2015.