SunEdison Inc. has raised $590 million to fund the acquisition of First Wind.
SunEdison raised $190 million through the secondary offering of SunEdison Semiconductor shares. In addition, SunEdison has secured a $400 million credit commitment from several SunEdison relationship financial institutions for a 24-month loan secured with a portion of shares in TerraForm Power.
The $590 million in proceeds from these transactions will be used to fund the cash portion of the upfront consideration to purchase First Wind.
‘These funds are a major step forward in our acquisition of First Wind,’ says Brian Wuebbels, chief financial officer of SunEdison. ‘Our ability to secure this funding, while preserving the upside in value from our ownership in TerraForm Power, speaks to the strength of the growth platform we are creating.’
On Nov. 17, 2014, SunEdison and TerraForm Power announced that they had signed a definitive agreement to acquire First Wind for $2.4 billion.