SunEdison and its yieldco TerraForm Power have closed the previously announced acquisition of Atlantic Power's 521 MW portfolio of operating wind power plants.
The all-cash deal includes five projects located in Idaho and Oklahoma. They include Goshen North (12.5% economic interest), Idaho Wind (27.6%), Meadow Creek (100%), Rockland Wind Farm (50% economic interest but consolidated on a 100% basis) and Canadian Hills (99%).
In conjunction with the deal, SunEdison also formed TerraForm private warehouse, a so-called $525 million ‘asset warehouse’ to hold the acquired Atlantic Power assets. The company says it intends to hold the assets for seven years. TerraForm Power has exclusive right over the warehoused operating assets and expects to add them to the company's portfolio over time beginning in the second half of 2016.
Infrastructure investors, such as Macquarie Capital, John Hancock and SunEdison provided equity. Morgan Stanley, Citi and Goldman Sachs led the structuring of the private warehouse and provided debt in the form of a seven-year term loan, SunEdison notes.