SunEdison (NYSE: SUNE) unit TerraForm Power (Nasdaq: TERP) said it would buy Vivint Solar (NYSE: VSLR) for $2.2 billion.
The purchase of Vivint Solar includes a 523-MW rooftop solar portfolio to be installed by year-end 2015 for $922 million in cash. TerraForm Power will acquire future completed residential and small commercial projects from SunEdison’s expanded business unit.
The Vivint Solar management team will join SunEdison, and SunEdison’s existing residential and small commercial development business unit and the Vivint Solar team will merge.
Subscribe to Power Engineering magazine