TerraForm To Acquire Solar Assets From AltaGas

TerraForm Power Inc. has entered into a definitive agreement to acquire a distributed generation portfolio totaling up to approximately 320 MW from Alberta-based AltaGas Ltd.

The U.S. portfolio comprises approximately 291 MW of commercial and industrial solar, 21 MW of residential solar, and 10 MW of fuel cells. TerraForm is acquiring the projects from AltaGas subsidiaries for a total purchase price of $720 million.

Diversified across 20 states and the District of Columbia, the portfolio includes assets with an average age of 3.5 years, as well as power purchase agreements with an average remaining term of over 17 years.

The transaction, subject to customary closing conditions, is expected to close in the third quarter.

“Following the close of this transaction, TerraForm Power is expected to own one of the largest portfolios of distributed generation in the United States,” says John Stinebaugh, CEO of TerraForm Power. “The acquisition will increase TerraForm Power’s average contract duration to 14 years and enhance its resource diversity. Furthermore, this demonstrates our strategy of recycling capital from stabilized assets with limited opportunities for further value creation into newly acquired assets that meet our return targets and have commercial and operational upside that we can extract through our integrated operating platform.”

TerraForm Power is the owner and operator of an approximately 3.7 GW portfolio of solar and wind assets.

The post TerraForm To Acquire Solar Assets From AltaGas appeared first on Solar Industry.

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