SunEdison’s purchase of First Wind gives it 1.6 GW in wind energy projects

Solar power services firm SunEdison purchased new turbines that will enable the company to develop up to 1.6 GW of incremental wind energy projects that qualify for the U.S. federal production tax credit.

TerraForm Inc. will purchase the projects from SunEdison once they achieve commercial operation.

On November 17, 2014, SunEdison and TerraForm announced that they had signed a definitive agreement to acquire First Wind for $2.4 billion. The purchase included over 1.6 GW of pipeline and backlog projects of which 1.4 GW were already PTC and or ITC qualified projects and an additional 6.4 GW of project development opportunities.

The acquisition of First Wind is expected to close during the first quarter of 2015, subject to usual and customary conditions and regulatory approvals.

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