The Federal Energy Regulatory Commission on Jan. 12 approved a Dec. 2 application for a deal under which First Wind Holdings LLC, which currently indirectly owns 51% of the voting securities of various power project companies, will acquire the remaining 49% of the voting securities of those companies that are currently indirectly owned by Canada-based Emera Inc.
Those project companies include Blue Sky East LLC, Canandaigua Power Partners LLC, Canandaigua Power Partners II LLC, Erie Wind LLC, Evergreen Gen Lead LLC and Evergreen Wind Power LLC.
As a second step to the approved deal, these project companies would be sold to SunEdison and its “yieldco” affiliate TerraForm Power.
First Wind Holdings is an independent North American renewable energy company focused on the development, ownership, and operation of renewable energy generating projects. D.E. Shaw MWP Acquisition Holdings LLC and Madison Dearborn Capital Partners IV LP currently each own approximately 45.9% of the voting securities of First Wind Holdings. The remaining 8.2% of the voting securities of First Wind Holdings are held, in the aggregate, by various entities or individuals.
SunEdison (NYSE: SUNE) and TerraForm Power (Nasdaq: TERP) announced Nov. 17 that they had signed a definitive agreement to acquire First Wind, one of the leading developers, owners and operators of wind projects in the U.S. SunEdison will purchase over 1.6 GW of pipeline and backlog projects, which have been added to TerraForm Power’s call right project list and are expected to be operational in 2016-2017. Included in the transaction is an additional 6.4 GW of project development opportunities. The transaction is expected to close during the first quarter of 2015, subject to usual and customary conditions and regulatory approvals.