First Wind-Emera deal unwinds after sale news
A proposed $333 million joint venture between Emera Maine's parent company and Boston-based First Wind has ended after a Missouri solar company announced its plan to acquire First Wind.
The Bangor Daily News reported that Nova Scotia-based Emera has sold back its $223 million interest in Northeast Wind Partners to First Wind as a result. The joint partnership, which may have helped some of First Wind’s wind energy projects in Maine, had been challenged twice by state regulators and in court.
“This transaction is essentially an unwinding of our original transaction with First Wind as they pursue a new direction and we seek to redeploy our capital in higher value assets and opportunities in other clean energy infrastructure investments, including electricity transmission and natural gas electricity generation in the Northeast," Chris Huskilson, Emera’s president, said in a prepared statement Monday.
SunEdison and its subsidiary TerraForm Power also announced Monday that they have reached an agreement to acquire First Wind for as much as $2.4 billion, according to a joint report by the Portland Press Herald and the Associated Press. First Wind has some wind energy farms in Maine, including ones located in Hancock, in Mars Hill, near Danforth and near Lincoln. First Wind also is planning wind energy developments in Oakfield and Bingham.
SunEdison and TerraForm Power said they will buy First Wind for $1.9 billion and an additional $510 million in payments if certain projects are completed.
Ahmad Chatila, president and CEO of SunEdison, said in a prepared statement that “The acquisition of First Wind transforms both SunEdison and TerraForm Power into diversified renewable energy companies and will make SunEdison the leading renewable power plant developer in the world,” according to the Associated Press.
The companies are expected to close the transaction in 2015’s first quarter.
“This new strategic organization will allow us to join with SunEdison to develop and invest in new, long-term contracted, well-sited and well-run renewable energy projects that deliver clean energy to homes and businesses across the country and internationally,” Paul Gaynor, First Wind’s CEO, said in a prepared statement.
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