SunEdison and its TerraForm Power yield co have completed the US$2.4 billion acquisition of wind developer First Wind. The deal makes SunEdison the world’s largest renewable energy developer.
The deal adds 500MW of operational wind power and 21MW of operational solar power to its own existing portfolio. A total of 8GW of development-stage projects have also been acquired.
SunEdison president and CEO Ahmad Chatilla said the deal would allow the company to “drive significant growth in global renewable energy markets”.
It also provides a new source of projects to “drop down” to the TerraFrom yield co.
“It diversifies our portfolio to include contracted wind assets, increases our drop down inventory by 93% to 3.3GW, and demonstrates our ability to acquire large, high-quality, long-term, contracted portfolios from third parties,” said Carlos Domenech, president and CEO, TerraForm Power.
SunEdison also reiterated the increased installation guidance figures for 2015 that it gave in November when the First Wind deal was first revealed. The range was increased by 29% from 1.6-1.8GW to 2.1-2.3GW. The 2016 outlook is now 2.8-3.0GW.