(Bloomberg) — TerraForm Power Inc., the company that owns
and operates power plants mainly built by parent SunEdison Inc.,
purchased 26 megawatts of solar capacity for $47 million.
The 21 projects acquired from SunEdison are in seven states
and have long-term contracts to sell electricity to customers
including schools and businesses, Beltsville, Maryland-based
TerraForm said today in a statement.
TerraForm raised $501.6 million in its July initial public
offering, one of a growing number of so-called yieldcos.
Developers can generate capital at lower costs by selling
projects to a yieldco and using the proceeds to build more
projects.
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Reed Landberg at
landberg@bloomberg.net
Will Wade, Randall Hackley