SunEdison (NYSE: SUNE) made another major acquisition last week, agreeing to buy solar installer Vivint Solar (NYSE: VSLR) for a cool $2.2 billion.
Vivint has quickly become the second biggest US solar installer, focused solely on residential, with 40,000 systems installed as of March. "They’re giving us huge bandwidth to expand in the US. This gives us unabated growth for 20 years," SunEdison CEO Ahmad Chatila told Bloomberg New Energy Finance.
SunEdison’s yieldco, Terraform Power (Nasdaq: TERP), will roll in Vivint’s 523 megawatt residential portfolio, paying $922 million in cash (by selling assets) and the rest in shares of SunEdison stock. It will also acquire residential and small commercial solar projects from SunEdison, giving the yieldco greater predictability and dividend growth, the company says.
Also last week, SunEdison announced it is buying Mark Group, which serves 2 million residential and commercial customers in the UK with full building solutions: solar and heating systems, and efficiency retrofits.
Earlier this year, SunEdison acquired First Wind ($2.4 billion) and became the world’s top renewable energy developer. And that’s not all. It expanded its wind portfolio by buying the leading Central American developer, Globeleq Mesoamerica Energy, and India’s Continuum Wind Energy. It’s also been buying projects around the world, such as 521 MW of wind from Atlantic Power and 930 MW of wind projects from Invenergy. In the US, SunEdison bought energy storage company Solar Grid Storage to offer complete solutions.
In India, SunEdison committed to build 15.2 GW of wind and solar by 2022 and is investing $4 billion in the country’s largest solar factory. It will make everything from polysilicon to solar cells to panels, with the ability to produce 7.5 GW a year.
The company is on track to add more than 1 gigawatt (GW) of renewable energy per quarter, an amazing 4.3 GW in 2016.
Read our article, SunEdison Brings Solar to Low-Income Housing Across Massachusetts.
Here are some of SunEdison’s recent purchases:
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