Sunday, October 1, 2023

SunEdison Gets Wind Power Firm For $2B-Plus

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Lisa Fischer
Lisa Fischer
Lisa Fischer is a seasoned journalist with a talent for uncovering hidden stories. With over nine years of experience, she has made a name for herself in the industry with her insightful reporting and writing. Lisa holds a degree in journalism from the University of Vienna and has worked for prominent Austrian newspapers. Her work has been recognized with several awards and she is committed to delivering thoughtful and thought-provoking journalism to her readers. Known for her persistence and integrity, Lisa is a valuable member of the Austrian journalism community.

Solar energy company SunEdison is adding some wind-fueled power to its business with a deal worth up to $2.4 billion.The St. Peters, Mo.-based company and its publicly traded subsidiary, TerraForm Power, said Monday that they are buying First Wind for $1.9 billion now and $510 million in payments if First Wind completes certain projects.

Solar energy company SunEdisonSolar energy company SunEdison

SunEdison shares rose 6.6% to $17.70 in extended trading. TerraForm Power’s shares gained 1.2% to $26.15.

First Wind, based in Boston, develops, owns and operates wind projects across the U.S.

SunEdison, which develops and operates solar power plants, said the deal will make it the world’s largest renewable energy development company.

Based on the anticipated impact of the deal, SunEdison raised its 2015 installation guidance from a range of 1.6 to 1.8 gigawatts to a range of 2.1 to 2.3 gigawatts.

One gigawatt can provide energy for up to 750,000 homes.

TerraForm raised its 2015 dividend guidance to $1.30 per share, up 44 percent from its current rate of 90 cents.

The deal is expected to close in the first quarter.

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