SunEdison Inc. and its power-plant holding company TerraForm Power Inc. agreed to buy closely held First Wind Holdings Inc. for $2.4 billion, making the solar company the largest renewable-energy developer.
The acquisition will give St. Peters, Mo.-based SunEdison a foothold in the U.S. wind market, the company said Monday. SunEdison increased its guidance, and now expects to install as much as 2.3 gigawatts of capacity next year.
The purchase, which is expected to close in the first quarter, will consist of a $1.9 billion upfront payment, and $510 million dependent on First Wind completing projects in its backlog.
“The acquisition … will make SunEdison the leading renewable power plant developer in the world,” said Ahmad Chatila, Sun- Edison president and chief executive officer.
