TerraForm Power, Inc. (TERP), a subsidiary of SunEdison, Inc. (SUNE), said Monday that it has agreed to buy net ownership of 930 megawatt of wind power plants from Invenergy Wind LLC.
TerraForm Power plans to acquire net ownership of 460 MW of the wind power plants from Invenergy with the remaining 470 MW to be acquired by a new warehouse facility to be sponsored by SunEdison and third party equity investors, for a combined $2.0 billion in aggregate consideration.
The acquired portfolio is comprised of seven contracted wind farms located in the United States and Canada.
Invenergy will retain a 9.9% stake in the U.S. assets and will provide certain operation and maintenance services for those power plants.
The deal is expected to close by the fourth quarter of 2015.
TerraForm Power also raised its 2016 dividend target to $1.70 per share from $1.53 per share. The raised target represents a 26% increase from the company's 2015 annual guidance.
TerraForm shares closed Monday's regular trading session at $37.53, down 28 cents. SunEdison shares closed the day's regular trading session at $28.96, down 87 cents or 2.92%, but gained 3.25% in after hours trading.
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