As part of an agreement signed earlier, TerraForm Power acquired 500MW of operating wind power plants and 21MW of operating solar power plants from First Wind.
SunEdison president and chief executive officer Ahmad Chatila: "This acquisition enhances SunEdison’s global offering and adds a talented wind development and asset management team."
Additionally, SunEdison acquired the equity interests of First Wind and certain of its subsidiaries, thereby buying a leading wind development and asset management platform.
TerraForm Power president and chief executive officer Carlos Domenech said: "This transformative transaction increases our scale and further establishes TerraForm Power’s leadership in renewable energy.
"It diversifies our portfolio to include contracted wind assets, increases our drop down inventory by 93% to 3.3 GW, and demonstrates our ability to acquire large high-quality, long-term, contracted portfolios from third parties.
"Backed by SunEdison and First Wind’s development and service capabilities, we are well positioned to execute on our growth trajectory while creating significant value for investors."
