Wednesday, October 8, 2014

TerraForm Power announces first acquisition of third-party solar assets

BELTSVILLE, USA: TerraForm Power Inc., a global owner and operator of renewable energy power plants, announced that it will acquire the operating portfolio of Hudson Energy Solar Corp., a solar project developer that owns and operates solar assets for schools, school districts, and commercial and industrial customers.

Hudson Energy Solar is a subsidiary of Just Energy Group Inc., one of the largest competitive green energy retailers in North America, with over 4.7 million customers.

TerraForm Power is partnering with SunEdison, Inc. (NYSE:SUNE), a leading global solar technology manufacturer and provider of solar energy services, to purchase the company, which will be split between them. The 101 projects comprising Hudson's operating portfolio of approximately 25.5 MWp will go to TerraForm Power while its 4.5 MWp development pipeline will be acquired by SunEdison and added to TerraForm Power's call right project list.

Just Energy Group will also provide TerraForm Power with a right-of-first-offer agreement to acquire new operating solar projects built for Just Energy's commercial and industrial customers in four states: New Jersey, New York, Massachusetts and Pennsylvania.

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