SunEdison finalizes First Wind buyout
First Wind's wind energy facilities in Maine are now owned by SunEdison Inc. (NYSE: SUNE) after the renewable energy firm closed its $2.4 billion acquisition of the wind developer on Thursday.
The Bangor Daily News reported that the parent company of Emera Maine sold back its ownership interest in Northeast Wind Partners II LLC to First Wind before St. Peters, Miss.-based SunEdison completed its purchase of the Boston-based wind developer.
Ahmad Chatila, SunEdison's president and CEO, was quoted by the newspaper as saying that "with the acquisition of First Wind, SunEdison becomes the leading renewable energy developer in the world." He added: "By combining SunEdison’s leading solar development platform with First Wind’s platform, SunEdison is well positioned to drive significant growth in global renewable energy markets, and deliver immediate shareholder value.”
First Wind's wind energy facilities, including its five in Maine, will be overseen by TerraForm Power Inc. (Nasdaq: TERP), a Bethesda, Md.-based spinoff of SunEdison. SunEdison spokesman John LaMontagne told the newspaper that the investment could help fast-track development of First Wind's pending Maine projects.
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