SunEdison Continues Spending Spree By Acquiring Vivint Solar & Mark Group

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Update: The Vivint Solar acquisition never went through, and SunEdison tumbled dramatically into bankruptcy.

SunEdison has continued its absurdly prolific acquisition spree this week, announcing the purchase of Vivint Solar in conjunction with its yieldco TerraForm Power, and a separate acquisition of the British company Mark Group.

SunEdisonSunEdison, in partnership with its yieldco TerraForm Power, have made numerous acquisitions over the past few weeks. In the second quarter alone, SunEdison initiated the acquisition of India-based Continuum Wind Energy and the Central American Globeleq Mesoamerica Energy (GME). On top of that, SunEdison and TerraForm acquired a 521 MW wind energy portfolio from Atlantic Power, and a 930 MW wind energy portfolio from Invenergy.

Of course, the biggest deal of them all was the January closure of SunEdison and TerraForm’s acquisition of First Wind.

So it should come as no real surprise that SunEdison has continued its spending spree now that we’ve entered the third quarter.

SunEdison & TerraForm Acquire Vivint Solar

vivint-solarSunEdison and TerraForm Power announced on Monday the acquisition of Vivint Solar, a leading provider of residential solar systems across the US (the #2 home solar installation company behind SolarCity). The deal is actually a “merger” between SunEdison and Vivint Solar, in which SunEdison will acquire Vivint Solar for $2.2. billion.

“SunEdison’s acquisition of Vivint Solar is a logical next step in the transformation of our platform after the successful execution of our First Wind acquisition in January 2015,” said Ahmad Chatila, SunEdison chief executive officer and TerraForm Power chairman.

Ahmad Chatila SunEdison CEO“We expect the Vivint Solar transaction to create significant value for our stockholders through the accretion in our TerraForm Power ownership, the acceleration of our Incentive Distribution Rights and an immediate expansion of our capacity and bandwidth to grow our residential business in the U.S. and globally. As of the fourth quarter of 2015, our organic growth and recent acquisitions will put SunEdison on track to deploy more than 1 gigawatt per quarter.”

“This transaction with SunEdison delivers to Vivint Solar’s stockholders excellent value for the business we have built over the last four years,” said Greg Butterfield, Vivint Solar’s chief executive officer. “SunEdison and TerraForm Power have built a unique model that recognizes the value of long-term, predictable, contracted cash flows from our residential solar portfolio while providing access to a broad pool of financing at an attractive cost of capital. We are excited to join the SunEdison residential and small commercial team which has successfully developed a wide range of channels complementing those at Vivint Solar, both in the U.S. and globally.”

TerraForm Acquires Vivint Rooftop Portfolio

As with previous deals made by SunEdison, it will drop Vivint’s solar rooftop portfolio into TerraForm’s waiting hands, consisting of 523 MW expected to be installed by year-end 2015, for $922 million in cash. The 523 MW portfolio is expected to provide a 10-year average unlevered CAFD of $81 million.

“TerraForm Power is excited to expand our residential solar portfolio with the acquisition of Vivint Solar assets, including 523 MW, which will accelerate our growth in this segment,” said Carlos Domenech, TerraForm Power’s chief executive officer. “Vivint Solar’s profile of cash available for distribution is attractive and aligned with TerraForm’s growth profile, and the team has proven its ability to scale rapidly and successfully. With immediate accretion to our stockholders at initial drop down and the predictable flow of drop down assets into the future, we see this acquisition as creating substantial value for our stockholders.”

SunEdison Acquires Leading UK Energy Solutions Provider, Mark Group

A day later, today, SunEdison announced that it would be acquiring Mark Group, a British-based leading full service energy solutions provider, and an existing SunEdison solar sales and installation partner. This acquisition opens up a direct line of sale into the UK residential and commercial solar business.

Mark Group currently offers approximately 2 million UK customers energy-efficient solar systems, heating systems, and insulation products. SunEdison described the company as being “highly regarded with a proven track record in the commercial segment.”

“Mark Group is a seasoned leader in delivering energy efficient solutions to homeowners and businesses in the UK, and this acquisition will enable SunEdison to offer additional energy solutions, products, and services directly to customers,” said Vikas Desai, SunEdison senior vice president of residential and small commercial. “By establishing a direct sales channel in the UK, we are augmenting our existing installation partner network to meet the growing demand for solar in this market.  As we rapidly scale our business globally, we see the Mark Group expanding SunEdison’s expertise and bandwidth in the consumer energy efficiency market, an excellent complement to our residential and commercial distributed solar business.”

“We’re really excited to become part of a dynamic and innovative company like SunEdison,” said Bill Rumble, Mark Group chief commercial officer.  “With this acquisition we now have the opportunity to deliver even greater value to our customers, helping them to enjoy long-term benefits from insulation, solar power and other expertly installed energy products.”

The acquisition follows SunEdison’s announcement at the beginning of the year that it would move to bring solar energy to residential and commercial sectors in the UK, which included the launch of the SunEdison Energy Saver Plan. Will we also see Vivint Solar operating in the UK soon?

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Joshua S Hill

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