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SunEdison raises $590m to fund First Wind acquisition

CTBR Staff Writer Published 19 January 2015

SunEdison has raised $590m to fund the acquisition of the US-based renewable energy firm First Wind.

The company raised $190m via the sale of 12.9m shares in SunEdison Semiconductor, with a further $400m secured through credit commitments from various financial institutions.

The $590m will be used to fund the upfront cash portion of its $2.4bn deal for First Wind, which was announced by SunEdison and TerraForm Power in November 2014.

SunEdison chief financial officer Brian Wuebbels said: "These funds are a major step forward in our acquisition of First Wind.

"Our ability to secure this funding, while preserving the upside in value from our ownership in TerraForm Power, speaks to the strength of the growth platform we are creating."

Boston-based First Wind is operating or constructing renewable energy projects in the northeast, the west and Hawaii, with a combined capacity of about 1.3GW.

SunEdison will buy more than 1.6GW of pipeline and backlog projects, which have been added to TerraForm Power's call right project list.

The transaction includes an additional 6.4GW of project development opportunities.

TerraForm will add 521MW of First Wind assets to its portfolio under the transaction, with 1.6GW of projects anticipated to be dropped down in 2016 and 2017.

The transaction, which is subject to regulatory approvals, is expected to be completed in the first quarter of 2015.