SunEdison and TerraForm Power Inc. have completed their acquisition of Boston-based wind developer First Wind Holdings LLC.
In the transaction, TerraForm Power purchased 500 MW of operating wind power plants and 21 MW of operating solar power plants from First Wind.
The acquisition provides SunEdison with an additional 8 GW of development-stage projects, 1.0 GW of which consists of wind project pipeline and backlog that are eligible for the production tax credit (PTC). Additionally, the deal also provides 600 MW of solar project pipeline and backlog. Since the acquisition announcement, SunEdison says it has secured wind turbines that increase the number of PTC-eligible wind projects from 1.0 GW to 2.6 GW.
At the time of the announcement, SunEdison raised its 2015 installation guidance by 29% to 2.1 GW-2.3 GW and raised its 2016 installation outlook to 2.8 GW-3.0 GW. First Wind's 8 GW of projects will continue to drive the growth of both SunEdison and TerraForm, the company notes.
In related news, Nova Scotia-based Emera sold back its 49% in Northeast Wind Partners II LLC to First Wind for $223 million. Emera and First Wind had first agreed to the joint venture in 2012. The partnership was originally approved in 2012 but subsequently appealed and remanded back to the Maine Public Utility Commission (MPUC) by the Maine Supreme Judicial Court. The MPUC signed off on the project in October 2014 – about a month before SunEdison agreed to buy First Wind.