TerraForm Power acquires 168 MW of solar power plants from SunEdison
TerraForm Power has acquired 168 MW of photovoltaic solar power plants from SunEdison during the first quarter of 2015.
All of these power plants were on TerraForm Power's 3.4 GW call right list of SunEdison power plants which TerraForm Power has the option to purchase once completed.
The acquired portfolio includes US distributed generation power plants representing 15 MW and eleven utility-scale, ground mount plants in the UK comprising 153 MW. Together, the plants are expected to contribute $17 million in cash available for distribution (CAFD) in 2015, and generate annualized unlevered CAFD of $24 million. Installation has been completed for all 168 MW in the portfolio.
The portfolio has high-quality counter parties including affiliates of EDF Energy and Statkraft in the UK, and municipalities, federal agencies, schools and commercial entities for the US distributed generation portfolio.
TerraForm Power has used its existing balance sheet liquidity to fund the acquisition of these call right power plants, and reiterates its 2015 guidance of $214 million of CAFD and dividends of $1.30 per share.
Carlos Domenech, President and Chief Executive Officer of TerraForm Power, stated:
"This transaction furthers TerraForm Power's leadership in the US DG market segment – which is one of the most profitable and fastest growing clean energy market segments. These drop downs demonstrate the continued strength of SunEdison's development platform and further diversify TerraForm's fleet of operating power plants."
