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TerraForm to buy 930MW of wind portfolio from Invenergy for $2bn

CTBR Staff Writer Published 07 July 2015

Renewable energy firm TerraForm Power has agreed to acquire a 930MW contracted wind portfolio in North America from Invenergy for $2bn.


The portfolio consists of seven contracted wind farms situated in the US and Canada with a weighted average remaining contract life of 19 years.

TerraForm, which was established in 2014 by a spinoff of SunEdison's clean power assets, expects to buy net ownership of 460MW of wind power plants.

The remaining 470MW of portfolio will be acquired by a warehouse facility that will be sponsored by SunEdison and third-party equity investors. The assets will be dropped down to TerraForm later.

Invenergy will retain a 9.9% interest in the US assets and will offer operation and maintenance services for the plants.

The transaction, which is expected to close in the fourth quarter of this year, is subject to approval by the Federal Energy Regulatory Commission and the Public Utility Commission of Texas.

TerraForm Power chief executive officer Carlos Domenech said: "This transaction is expected to be immediately accretive to our shareholders, extend the visibility of our growth trajectory and unlock significant value as we aggregate a highly fragmented industry.

Invenergy founder, president and chief executive officer Michael Polsky said: "Clean power is driving our energy future, and this transaction will enable us to further invest in our industry-leading development pipeline and bring significantly more clean energy to market in the years ahead."

Image: TerraForm will buy a 930MW contracted wind portfolio from Invenergy. Photo: courtesy of pakorn/FreeDigitalPhotos.net.