TerraForm to buy 930 MW of wind farms in North America

• 8 years ago (2015-07-07)
• David Flin

North America 1004 Renewables 757

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TerraForm Power, a unit of SunEdison, has announced that it will buy 930 MW of wind farms in the USA and Canada from Invenergy Wind for $2 billion. The deal involves seven contracted wind farms, and Invenergy will retain a 9.9 per cent stake in the US assets.

TerraForm plans to buy 460 MW of plants directly from Invenergy. The remaining 470 MW will be acquired by a new warehouse facility sponsored by SunEdison and third-party equity investors, with the assets dropping down to TerraForm in the future. TerraForm said that it expected to fund the acquisition of the 460 MW of plants through a combination of cash on hand and new bond financing.

The transaction, which is expected to be immediately accretive, should close in the fourth quarter.