Market Overview

Sunedison, TerraForm Power Soar 20% On First Wind Acquisition

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Sunedison Inc (NYSE: SUNE) and TerraForm Power Inc (NASDAQ: TERP) shares soared over 20 percent Tuesday after announcing they were buying First Wind for $2.4 billion to enter the U.S. wind power market.

Investors may want to look for other green-energy and cleantech merger opportunities in light of this news.

According to Reuters, “Boston-based First Wind is operating or building renewable energy projects in the Northeast, the West and Hawaii, with a combined capacity of nearly 1,300 megawatts (MW) - enough to power more than 425,000 homes each year.”

“SunEdison raised its 2015 installation forecast to 2.1-2.3 gigawatts (GW) from 1.6-1.8 GW. TerraForm increased its 2015 dividend forecast to $1.30 per share from 90 cents.

“TerraForm was created by SunEdison to own and operate its solar power plants. TerraForm went public in July.

“The deal is expected to close during the first quarter of 2015, the companies said.”

TerraForm Power recently traded at $31.40, up 21.5 percent.

Sunedison recently traded at $20.61, up 24 percent.

Posted-In: First Wind ReutersNews Intraday Update

 

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