SunEdison and TerraForm acquires First Wind

SunEdison and TerraForm acquires First Wind

SunEdison and TerraForm acquires First Wind

One of the leading developers of solar farms SunEdison acquires leading developer and operator of wind farms First Wind for $2.4 billion.

 Boston’s First Wind is operationg renewable energy projects in the West, Northeast and Hawaii and  projects with combined capacity of nearly 1,300 megawatts for supplying more than 425 000 homes annualy.

“We felt that having wind would help us double down on our strategy,” said Ahmad Chatila, SunEdison’s president and chief executive. “We feel that electrons are electrons — solar or wind really doesn’t matter for our customers. Our customers are demanding that we have a more comprehensive solution.”

The two companies will pay $1.9 billion upfront for the company and another $510 million if First Wind completes projects in its backlog.

The acquisition fits with Sun-Edison’s growth strategy, Mr. Chatila said. He said the company had been growing at 90 percent a year since 2009. Two years ago, the company’s stock went down because of Chinese solar panels, which afford better offerings.

 But new plan by Steve Tesoriere of Altai Capital brings improvment and SunEdison has built many projects around the world.

 Mr. Stakebay says:

This acquisition makes SunEdison the world’s largest renewable energy development company helps to satisfy investors, who are looking for bigger projects and increasing renewable power plants performace from 1.7 gigawatts to 2.2 gigawatts.

 

 

SUNEDISON

FIRSTWIND

Revenue

$ 2.01 Billion (2013)

-

Operating income

$ – 313.6 Million (2013)

-

Profit

$ – 587.6 Million (2013)

-

Total assets

$ 6.68 Billion (2013)

-

Total Equity

$  232.2 Million (2013)

-

Employees

6000 (2013)

-

 

President and CEO of SunEdison……….AHMAD CHATILA…….(2009-present)…..$ 7 077 058 (2013)

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