TerraForm Power buys 21 power plants from SunEdison

• 9 years ago (2015-01-08)
• Junior Isles

North America 1004 Renewables 757

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TerraForm Power Inc, a global operator of clean energy power plants, has announced that it has purchased 21 distributed generation (DG) solar power plants in the US, totalling 26 MW and worth $47 million from SunEdison.

The power plants come with long-term contracts with an average remaining life of 20 years and are spread out across seven US states, coming with a number of high quality counterparties including municipalities, schools and businesses.

“This transaction furthers TerraForm's leadership in the DG market segment – which is one of the most profitable and fastest growing clean energy market segments,” said Carlos Domenech, President and Chief Executive of TerraForm. "In addition, DG is a flow business that delivers consistent growth for our shareholders."

On the other hand, Brian Wuebbels, Chief Financial Officer at SunEdison, said: "This accomplishment speaks to the strength of the relationship between TerraForm and SunEdison, and our ability to deliver on shareholder commitments by working together to leverage SunEdison's pipeline and expertise in developing, building and financing projects. The sale of these assets generates immediate value for SunEdison by generating cash, and recurring value through SunEdison's ownership of TerraForm."