SunEdison and TerraForm Power have completed their previously announced acquisition of First Wind Holdings, LLC. First Wind’s 8GW of projects will help the two firms’ growth as SunEdison raised its 2015 installation guidance by 29% to 2.1-2.3 GW, and raised its 2016 installation outlook to 2.8-3.0 GW along with the acquisition announcement.

In the transaction, TerraForm Power purchased 500 MW of operating wind power plants and 21 MW of operating solar power plants from First Wind. The portfolio has an average counterparty credit rating of A- and brings the weighted average remaining PPA life to 16 years for the entire TerraForm fleet. The portfolio is expected to add $73 million of cash available for distribution (CAFD) in 2015. TerraForm Power reiterates its 2015 guidance of $214 million of CAFD and dividends of $1.30 per share.

SunEdison purchased the equity interests of First Wind and certain of its subsidiaries, thereby acquiring a leading wind development and asset management platform. The acquisition provides SunEdison with an additional 8 GW of development-stage projects, of which 1.0 GW consists of PTC-eligible wind project pipeline and backlog, and 0.6 GW of solar project pipeline and backlog. Since the acquisition announcement, SunEdison has secured wind turbines that increase the number of PTC-eligible wind projects from 1.0 GW to 2.6 GW.

"This acquisition enhances SunEdison's global offering and adds a talented wind development and asset management team,” said Ahmad Chatila, President and Chief Executive Officer of SunEdison. “By combining SunEdison's 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."

"This transformative transaction diversifies our portfolio to include contracted wind assets, increases our drop down inventory by 93% to 3.3 GW, and demonstrates our ability to acquire large high-quality, long-term, contracted portfolios from third parties," said Carlos Domenech, President and Chief Executive Officer of TerraForm Power. "Backed by SunEdison and First Wind's development and service capabilities, we are well positioned to execute on our growth trajectory while creating significant value for investors."