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TerraForm Power And SunEdison Acquire 930 MW Wind Energy Portfolio

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TerraForm Power and its parent company SunEdison have announced the $2 billion acquisition of a 930 MW wind energy portfolio from Invenergy.

The monumental transaction comes just over a week after SunEdison and TerraForm finalized the acquisition of 521 MW worth of operating wind energy plants from Atlantic Power, which cost approximately $350 million, according to Bloomberg.

TerraForm Power logo (PRNewsFoto/SunEdison, Inc.)This latest acquisition will add to an already impressive number of projects currently under TerraForm’s control. The yieldco will take ownership of 930 MW of wind power plants from Invenergy Wind, the largest independent owner of wind in the United States, with the transfer between the two entities representing a transfer of approximately one-tenth of Invenergy’s total contracted portfolio, which currently stands at approximately 6.6 GW of operating facilities and another 2.5 GW currently under construction.

“TerraForm Power continues to transform the energy landscape with our acquisition of Invenergy’s wind power portfolio,” said Carlos Domenech, TerraForm Power’s chief executive officer. “This transaction is expected to be immediately accretive to our shareholders, extend the visibility of our growth trajectory and unlock significant value as we aggregate a highly fragmented industry. Our ongoing partnership with Invenergy, the country’s leading independent wind owner and developer, provides further opportunities for collaboration, asset drop downs and dividend growth.”

The deal will take place in two parts: First, TerraForm will acquire ownership of 460 MW of wind power plants, with the second part of the deal seeing the remaining 470 MW acquired by a new warehouse facility. The two transactions add up to around $2 billion, and represents one of the largest renewable energy transactions we have seen in the last few years.

“This agreement speaks to Invenergy’s proven track record as an independent power producer and to our excellence in facility operations,” said Michael Polsky, Invenergy founder, president and chief executive officer. “Clean power is driving our energy future, and this transaction will enable us to further invest in our industry-leading development pipeline and bring significantly more clean energy to market in the years ahead.”

SunEdison and TerraForm announced late June that they would be setting up their second warehouse facility to take control of the operating assets acquired from Atlantic Power for a maximum period of 7 years. It is possible that this second warehouse facility will similarly take control of the second part of the Invenergy deal.

TerraForm will also pick up ownership and operating control of up to 1 GW of wind energy set to be developed in a joint partnership between parent company SunEdison and Spanish wind energy giant Gamesa. Announced late last week, the two companies announced a Memorandum of Understanding for a 50/50 joint venture that will develop up to 1 GW of wind power plants by 2018. Operating control would be passed to TerraForm upon completion of the projects, with SunEdison developing the projects and Gamesa providing the necessary wind turbines.

“This agreement will accelerate SunEdison’s drive to respond to rapid growth in global wind markets,” Paul Gaynor, SunEdison Executive Vice President of the Americas and EMEA, said of the deal. “By partnering with Gamesa, one of the world’s leading wind technology and development companies, we’re particularly well positioned to capture the opportunity in India and Mexico, two regions where we already have a strong solar presence.”

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