Renewables, Solar, Wind

TerraForm sells $350M stock for First Wind acquisition

SunEdison Inc.’s renewable energy power plant operating unit, TerraForm Power Inc., is selling $350 million in stock to help fund its portion of a $2.4 billion acquisition of First Wind Holdings LLC.

Law 360 reported that SunEdison will pay up to $1 billion upfront, including the assumption of $361 million of debt and an expected $510 million of earnout payments in connection with solar and wind projects, according to regulatory filings with the U.S. Securities and Exchange Commission.

SunEdison raised its 2015 project installation guidance from 1.6-1.8-GW to 2.1-2.3-GW. When the acquisition is finalized, TerraForm Power will picks up First Wind’s operating portfolio, including 521-MW of wind power assets.

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