TerraForm Power Plans Green Bonds Issue Worth $300 Million

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SunEdison yieldco TerraForm Power has announced plans to issue green bonds worth $300 million to fund renewable energy projects.

TerraForm Power has announced issuance bonds with 6.125% return due for maturity in 2025. The company plans to use a portion of the net proceeds from the bonds issue to fund the recent acquisition of wind energy portfolio from Invenergy.

SunEdison and TerraForm Power recently acquired 930 MW of wind energy portfolio from US-based project developer Ivenergy. Both the companies have executed several acquisitions of renewable energy projects and companies over the last few years, with TerraForm Power likely to control most of the assets acquired or developed by SunEdison.

Understandably, the two companies require significant capital to fund these acquisitions. Earlier this year, SunEdison announced plans to issued bonds worth $900 million to raise funds for direct and indirect capacity expansion.

SunEdison has been active across nearly all emerging markets over the last few months. The company has secured projects in South Africa as well as Brazil through competitive auctions. In Brazil, SunEdison has joined hands with Renova Energia to develop 1 GW of solar power projects. SunEdison recently acquired an approximate 16% stake in Renova Energia for $250 million. SunEdison also recently acquired 521 MW worth of wind energy capacity from Atlantic Power. It signed an agreement to acquire 100% stake in Globeleq Mesoamerica Energy, Central America’s leading renewable energy project developer, gaining about 650 MW in operational and under-development capacity. The company also took over Continuum Wind Energy, an Indian renewable energy independent power producer at an estimated cost of $600 million.

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