SunEdison, the Maryland Heights-based solar developer, has received a $410 million loan from Deutsche Bank to help pay for its $2.4 billion acquisition of First Wind, a U.S. developer, owner and operator of wind projects.
The loan carries a 3.75 percent interest rate and matures in January 2020.
The loan will be paired with financing SunEdison secured earlier this month.
The
First Wind acquisition, which closed last week, added more than 1.6
gigawatts of pipeline and backlog projects for SunEdison. Those projects
will eventually be sold to TerraForm Power, a subsidiary of SunEdison
that serves as a yieldco for SunEdison, which owns a majority of the
company.
The deal was paid for with an upfront payment of $1
billion, including the assumption of $361 million of debt at closing,
and an expected $510 million of earn-out payments over two and a half
years.
First Wind CEO Paul Gaynor has been appointed executive vice president of SunEdison's North American Utility and Global Wind business unit.
SunEdison shares were trading at $20.51 per share at market close Tuesday.
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