US-based solar firm SunEdison has signed turbine supply agreements for incremental wind energy projects with a combined capacity of up to 1.6GW.
The projects, to be developed under US federal production tax credit (PTC), will be acquired by TerraForm once they start commercial operations.
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The agreement follows SunEdison’s recent acquisition of First Wind in a $2.4bn deal, which is expected to be concluded shortly.
1.6GW of pipeline and backlog projects will be added to SunEdison’s portfolio, 1.4GW of which was already PTC and or ITC qualified.
The deal also involves the possible development of an additional 6.4GW power, SunEdison confirmed.
SunEdison president and chief executive officer Ahmad Chatila said: "The purchase of these PTC-qualified wind turbines will further enhance our renewable energy development engine and increase its already impressive growth trajectory.
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By GlobalData"The acquisition of First Wind accelerates our ability to capitalise on the attractive growth opportunities in the global wind power markets.
"We planned for the most conservative case; that the PTC was not extended. However, when a two-week extension of the PTC was created, we moved very quickly and secured the 2014 purchase of top-tier turbines."
TerraForm president and chief executive officer Carlos Domenech said: "The addition of 1.6GW of wind energy projects will cement TerraForm’s position as one of the leading renewable energy asset owners in the world."
