M&A Deal Summary

TerraForm Power and SunEdison Acquire First Wind Holdings

On November 19, 2014, TerraForm Power and SunEdison acquired renewable energy company First Wind Holdings from Madison Dearborn Partners for 2.4B USD

Acquisition Highlights
  • This is TerraForm Power’s 2nd and SunEdison’s 4th transaction in the Renewable Energy sector.
  • This is TerraForm Power’s and SunEdison’s largest (disclosed) transaction.
  • This is TerraForm Power’s 2nd and SunEdison’s 7th transaction in the United States.
  • This is TerraForm Power’s 1st and SunEdison’s 2nd transaction in Massachusetts.

M&A Deal Summary

Date 2014-11-19
Target First Wind Holdings
Sector Renewable Energy
Buyer(s) TerraForm Power
SunEdison
Sellers(s) Madison Dearborn Partners
Deal Type Add-on Acquisition
Deal Value 2.4B USD
Advisor(s) Goldman Sachs (Financial)
Davis Polk & Wardwell (Legal)

Target

First Wind Holdings

Boston, Massachusetts, United States
First Wind is an independent renewable energy company exclusively focused on the development, financing, construction, ownership and operation of utility-scale renewable energy projects in the United States. Based in Boston, First Wind is operating or building renewable energy projects in the Northeast, the West and Hawaii,with combined capacity of nearly 1,300 megawatts (MW) – enough to power more than 425,000 homes each year.

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Buyer(S) 2

Buyer

TerraForm Power

New York, Maryland, United States

Category Company
Founded 2014
Sector Renewable Energy
Employees177
Revenue 1.1B USD (2020)
DESCRIPTION

TerraForm Power is a renewable energy company that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. TerraForm Power was founded in 2014 and is based in New York, New York.


DEAL STATS #
Overall 2 of 8
Sector (Renewable Energy) 2 of 8
Type (Add-on Acquisition) 1 of 3
State (Massachusetts) 1 of 1
Country (United States) 2 of 6
Year (2014) 2 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-04 Hudson Energy Solar

Ramsey, New Jersey, United States

Hudson Energy Solar Corp. is a provider of renewable energy services to commercial and residential customers.

Buy $56M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-22 Capital Dynamics - 77.6 MW of Distributed Solar Power Plants

United States

Capital Dynamics - 77.6 MW of Distributed Solar Power Plants is a provider of renewable energy services.

Buy $21M
Buyer

SunEdison

St. Peters, Montana, United States

Category Company
Founded 1984
Sector Renewable Energy
Employees7,260
Revenue 2.5B USD (2014)
DESCRIPTION

SunEdison is a global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison was founded in 1984 and is based in St. Peters, Montana.


DEAL STATS #
Overall 7 of 14
Sector (Renewable Energy) 4 of 9
Type (Add-on Acquisition) 4 of 8
State (Massachusetts) 2 of 2
Country (United States) 7 of 9
Year (2014) 3 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-03 Silver Ridge Power

Arlington, Virginia, United States

AES Solar Energy, Ltd. Is formed to develop, own and operate a global portfolio of utility-scale solar photovoltaic installations.

Buy $179M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-07 SunEdison - 26 Megawatts Of Distributed Generation Solar Power Plants

United States

SunEdison - 26 Megawatts Of Distributed Generation Solar Power Plants portfolio has high quality counterparties including municipalities, schools and businesses and is geographically diverse, with plants located in seven US states. These assets are expected to increase annual CAFD by approximately $5 million on an unlevered basis. The 21 power plants have long-term contracts with an average remaining life of 20 years.

Sell $47M

Seller(S) 1

SELLER

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.


DEAL STATS #
Overall 50 of 73
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 19 of 33
State (Massachusetts) 2 of 2
Country (United States) 46 of 65
Year (2014) 6 of 6
Size (of disclosed) 7 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-14 Schrader International

Englewood, Colorado, United States

Schrader is a manufacturer and only vertically integrated supplier of Tire Pressure Monitoring Systems (“TPMS”) and the leader in fluid control components for a diverse range of automotive and industrial end markets.

Sell $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-16 Kaufman Hall & Associates

Chicago, Illinois, United States

Kaufman, Hall & Associates provides management consulting services and enterprise performance management software to enable data-driven analysis and transform financial, operational, and strategic planning and results. Kaufman, Hall & Associates was formed in 1985 and is based in Skokie, Illinois.

Buy -