SunEdison and TerraForm Power have jointly taken over the renewable energy firm First Wind, as announced in November last year.
During the transaction, TerraForm Power purchased 500 MW of operating wind power plants and 21 MW of operating solar power plants from First Wind.
The portfolio will add $73 million of cash available for distribution (CAFD) in 2015.
TerraForm Power repeats its 2015 guidance of $214 million of CAFD and dividends of $1.30 per share.
In addition, the facility has a remaining PPA life of 16 years which will be obtainable for the TerraForm fleet.
Through this acquisition, TerraForm has increased its drop down inventory by 93 percent to 3.3 GW, demonstrating the ability to acquire large and long-term, contracted portfolios from third parties.
On the other hand, SunEdison purchased the equity interests and some of its subsidiaries, acquiring First Wind’s wind development and asset management platform.
“With the acquisition of First Wind, SunEdison becomes the leading renewable energy developer in the world,” said Ahmad Chatila, president and CEO, SunEdison.
The acquisition provides SunEdison with an additional 8 GW of development-stage projects, of which 1.0 GW consists of PTC-eligible wind project pipeline and backlog in addition to 0.6 GW of solar project pipeline and backlog.
Until to date, SunEdison has secured wind turbines that increase the number of PTC-eligible wind projects from 1.0 GW to 2.6 GW.
At the time of the acquisition announcement, SunEdison raised its 2015 installation guidance by 29 percent to 2.1-2.3 GW, and raised its 2016 installation outlook to 2.8-3.0 GW.
Further, First Wind’s 8 GW of projects will be a part of SunEdison and TerraForm’s renewable portfolio.
Last week, SunEdison mobilized $590 million funding to part-fund the acquisition of First Wind in the US in a deal valued at $2.4 billion.
SunEdison raised about $190 million through the sale of 12.9 million shares in its Semiconductor firm and a further $400 million through credit commitments from financial institutions.