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TerraForm will acquire solar assets from AltaGas

TerraForm will acquire solar assets from AltaGas

Recently, TerraForm Power and AltaGas signed an agreement to acquire AltaGas' total distributed power generation portfolio of approximately 320 MW.

The portfolio includes approximately 291 megawatts of commercial and industrial solar projects, 21 megawatts of residential solar projects and 10 megawatts of fuel cell projects. TerraForm is acquiring a subsidiary of AltaGas with a total purchase price of $720 million.

The portfolio is distributed in 20 states and the District of Columbia. The transaction is expected to be completed in the third quarter, based on customary closing conditions.

"At the end of the transaction, TerraForm Power is expected to have one of the largest distributed generations in the United States," said John Stinebaugh, CEO of TerraForm Power. "This acquisition will extend TerraForm Power's average contract period to 14 years and enhance its resource diversity. In addition, this demonstrates our development strategy of recovering funds from stable assets to meet our return targets. "

TerraForm Power is the owner and operator of approximately 3.7 GW of solar and wind energy portfolios.


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