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SunEdison, TerraForm use equity, debt for Atlantic Power acquisition
By Lisa Kerner
Charlotte, N.C., June 29 – SunEdison, Inc. and TerraForm Power, Inc. used proceeds from an equity offering and credit facility to close their acquisition of Atlantic Power Transmission Inc.’s 521 MW portfolio of operating wind power plants in Idaho and Oklahoma.
Concurrently with the closing, SunEdison formed its second warehouse facility, TerraForm Private Warehouse, to hold the acquired operating assets from Atlantic Power for up to seven years, according to a news release.
TerraForm Private, LLC was formed for the primary purpose of owning, maintaining, financing and operating the Atlantic Power assets, according to a form 8-K filed with the Securities and Exchange Commission.
TerraForm Private Holdings, LLC purchased $20 million in preferred units and $75 million of common units of TerraForm Private. Investors purchased a total of 150 million of preferred units.
Equity investors for the $525 million warehouse included Macquarie Capital, John Hancock Life Insurance Co. (U.S.A.) and SunEdison.
Morgan Stanley Senior Funding, Inc., Citi, and Goldman Sachs provided debt in the form of a $280 million seven-year senior secured term loan credit facility. Interest under the credit facility accrues at a rate, at the option of TerraForm Private, LLC, of Libor plus 350 basis points or Base rate plus 250 bps, according to a form 8-K filed with the Securities and Exchange Commission. The facility matures on June 26, 2022.
Proceeds from the equity purchase and a portion of the proceeds from the credit facility were used to fund the acquisition.
SunEdison is a Belmont, Calif.-based solar technology company. TerraForm is a Bethesda, Md., company that owns and operates clean energy power plants. Atlantic Power owns and operates power generation assets and is based in Dedham, Mass.
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