M&A Deal Summary

TerraForm Power Acquires Integrys Energy Group - 23 MW of Solar Power Plants

On June 4, 2015, TerraForm Power acquired renewable energy company Integrys Energy Group - 23 MW of Solar Power Plants from Integrys Energy Group

Acquisition Highlights
  • This is TerraForm Power’s 7th transaction in the Renewable Energy sector.
  • This is TerraForm Power’s 6th transaction in the United States.

M&A Deal Summary

Date 2015-06-04
Target Integrys Energy Group - 23 MW of Solar Power Plants
Sector Renewable Energy
Buyer(s) TerraForm Power
Sellers(s) Integrys Energy Group
Deal Type Divestiture

Target

Integrys Energy Group - 23 MW of Solar Power Plants

United States
Integrys Energy Group - 23 MW of Solar Power Plants are located throughout Arizona , California , Connecticut , Massachusetts , New Jersey and Pennsylvania . The assets were placed into operation between 2008 and 2013, and are contracted under long term power purchase agreements (PPAs) with a variety of commercial and municipal entities having a weighted-average credit rating of Baa2. The contracts have a weighted average remaining life of 15 years.

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Buyer(S) 1

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 7 of 9
Sector: Renewable Energy M&A 7 of 9
Type: Divestiture M&A Deals 5 of 5
Country: United States M&A 6 of 7
Year: 2015 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-04 Invenergy - 25 MW Operating Utility Scale Solar Power Plants

Ontario, Canada

Invenergy - 25 MW Operating Utility Scale Solar Power Plants projects are the Sandringham Solar Energy Center (13 MW), and the Woodville Solar Energy Center (12 MW), located in the province of Ontario, Canada. Both power plants have been operational since 2013. These solar plants have feed-in-tariff (FiT) contracts with the Aa2-rated Ontario Power Authority (now part of the Independent Electricity System Operator). The contracts have an average remaining life of 18 years.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-07 Saeta Yield S.A.

Madrid, Spain

Saeta Yield, S.A. is a owner and operator of wind and solar assets, located primarily in Spain. Saeta Yield invests in energy infrastructure assets that expect to generate highly stable and predictable cash flows backed by regulated and contracted income.

Buy $1.2B

Seller(S) 1

SELLER

Integrys Energy Group

Chicago, Illinois, United States

Category Company
Founded 2007
Sector Utilities
Employees4,888
DESCRIPTION

Integrys Energy Group Inc. is a diversified energy holding company with regulated natural gas and electric utility operations.


DEAL STATS #
Overall 3 of 3
Sector: Renewable Energy M&A 1 of 1
Type: Divestiture M&A Deals 3 of 3
Country: United States M&A 3 of 3
Year: 2015 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-02 Compass Energy Services

Richmond, Virginia, United States

Compass Energy Services, Inc. is a commercial and industrial energy services company.

Buy $20M