US solar project developer SunEdison and renewable power generator TerraForm Power have signed a definitive agreement to acquire First Wind, an independent renewable energy company focused on utility-scale projects in the United States. First Wind has a portfolio of 1.3 GW of operating plants and power projects under construction. TerraForm Power will acquire 521 MW of contracted wind generation assets and add 1.6 GW to its list of call right projects scheduled for commissioning in 2016-2017; SundEdison will acquire these 1.6 GW of pipeline and backlog projects (TerraForm Power's call right project list), including a project portfolio of 6.4 GW.
Total consideration for the acquisition of First Wind is up to US$2.4bn, including US$1.9bn in upfront consideration and a US$510m earn-out. The transaction is expected to close during the first quarter of 2015, subject to usual and customary conditions and regulatory approvals.
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