SunEdison (NYSE: SUNE) bought new wind turbines from TerraForm Power Inc. (Nasdaq: TERP) to develop up to 1.6-GW of wind energy projects that qualify for the federal production tax credit (PTC).
In November, the companies signed a definitive agreement to acquire First Wind for $2.4 billion. That included more than 1.6 GW of pipeline and backlog projects, of which 1.4 GW were already PTC or ITC qualified, and an additional 6.4 GW of project development opportunities. TerraForm will purchase the projects from SunEdison when they begin commercial operation.
The acquisition of First Wind is expected to close in the first quarter of 2015, subject to customary approvals.