TerraForm Power will acquire net ownership of 460MW wind plants from Invenergy, while the remaining 470MW projects will be acquired by a new warehouse facility that will be backed by SunEdison and third party equity investors.
The acquisition includes seven wind farms in the US and Canada with a weighted average remaining contract life of 19 years.
TerraForm Power CEO Carlos Domenech said: "This transaction is expected to be immediately accretive to our shareholders, extend the visibility of our growth trajectory and unlock significant value as we aggregate a highly fragmented industry."
Invenergy will continue to own 9.9% stake in the US assets, and will provide and maintenance services for the projects.
Invenergy founder, president and CEO Michael Polsky said: "Clean power is driving our energy future, and this transaction will enable us to further invest in our industry-leading development pipeline and bring significantly more clean energy to market in the years ahead."
Subject to approval by the Federal Energy Regulatory Commission and the Public Utility Commission of Texas, the transaction is planned to be completed in the fourth quarter.
