(Bloomberg) — TerraForm Power Inc., which owns and
operates power plants built by SunEdison Inc., acquired 23
megawatts of solar capacity from Integrys Energy Group Inc.
TerraForm is paying $45 million and assuming $10 million of
debt to own about two-thirds of 48 projects in six states, the
Bethesda, Maryland-based company said Thursday in a statement.
The deal closed Wednesday.
The solar farms became operational from 2008 to 2013 and
have an average of 15 years remaining on long-term contracts to
sell electricity, according to the statement. Their full
capacity is 34 megawatts.
TerraForm was spun off SunEdison as a yieldco in May of
last year, allowing investors to own the projects and reap
dividends as a shareholder pool.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Robin Saponar