SunEdison acquires prominent wind energy developerNovember 25, 2014
Acquisition deal could make SunEdison the largest renewable energy developer in the world
SunEdison, along with its subsidiary YieldCo Terraform, has announced the acquisition of First Wind, a prominent wind energy developer, for $2.4 billion. The acquisition is expected to make SunEdison one of the world’s largest renewable energy developers and represents the company’s entry into the wind power sector. The acquisition also gives First Wind access to the funds it needs to continue building new energy projects in many of its favored markets.
1.6 GW of projects are to be added to SunEdison’s energy portfolio
YieldCo Terraform will be benefiting from this deal as well. The company will obtain 521 megawatts worth of active wind and solar energy systems, some of which have been built by First Wind. SunEdison will also take on responsibility for some 1.6 gigawatts of energy projects that are currently under development. Many of these projects are expected to become operational in 2016 and 2017. The development of some small projects may be expedited thanks to access to new resources and financial support.
Wind energy continues to show promise in many parts of the world
Wind energy has become a very attractive investment for energy companies throughout the world. In many countries, governments are showing strong support for wind projects, offering financial aid and working to encourage developers to bring their projects to certain areas. Offshore wind, in particular, has been experiencing strong growth over the past few years. Countries with access to large expanses of open water, such as the United Kingdom, have been funneling funds into the development of offshore projects in the hopes of reducing their reliance on fossil-fuels.
SunEdison aims to install 2.3 GW of clean energy capacity in the US
Despite its name, First Wind does not only deal in wind power. The company also has some solar energy projects that it has been developing in the United States. These projects will continue to be developed with the help of SunEdison and YieldCo Terraform. SunEdison plans to install some 2.3 gigawatts of renewable energy capacity in the United States by the end of 2015.