With yet another multi-billion-dollar acquisition in the works, SunEdison isn’t just strengthening its position as one of the world’s top renewable energy developers — it is on a mission to become one of the largest energy companies in any sector.Â
This morning, SunEdison announced plans to acquire Vivint Solar, America’s second-biggest residential PV installer, for $2.2 billion in cash, stock and convertible notes. The acquisition will give SunEdison 4,000 new employees and a 523-megawatt portfolio of rooftop solar projects.
Those solar projects will be dropped into SunEdison’s YieldCo, TerraForm Power, adding $81 million in unlevered cash flow for investors. TerraForm once again increased its guidance on cash distribution per share from $1.70 to $1.75 — up from $0.90 when the YieldCo first went public last year.Â