MARYLAND HEIGHTS, Mo., Jan. 16, 2015 /PRNewswire/ — SunEdison, Inc. (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, today announced that it had raised a total of $590 million dollars to fund the acquisition of First Wind.

SunEdison raised $190 million of proceeds through the secondary offering of SunEdison Semiconductor shares. As previously announced, the secondary offering of SunEdison Semiconductor shares was priced on Jan. 14, through which SunEdison sold approximately 12.9 million shares. In addition, SunEdison has secured a $400 million credit commitment from several SunEdison relationship financial institutions for a 24-month loan secured with a portion of SunEdison’s shares in TerraForm Power. The $590 million in proceeds from these transactions will be used to fund the cash portion of the upfront consideration to purchase First Wind.

“These funds are a major step forward in our acquisition of First Wind,” said Brian Wuebbels, Chief Financial Officer of SunEdison. “Our ability to secure this funding, while preserving the upside in value from our ownership in TerraForm Power, speaks to the strength of the growth platform we are creating.”

On November 17, 2014, SunEdison and TerraForm Power announced that they had signed a definitive agreement to acquire First Wind for $2.4 billion, of which SunEdison’s upfront portion of the consideration is approximately $1.0 billion, comprised of the previously announced $340 million seller convertible note and the remainder in cash. The acquisition is expected to close during the first quarter of 2015, subject to usual and customary conditions and regulatory approvals.

About SunEdison

SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company’s Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison’s common stock is listed on the New York Stock Exchange under the symbol “SUNE.” To learn more visit www.sunedison.com.

Forward Looking Statements

Certain matters discussed in this press release are forward-looking statements, including the closing of the $190 million secondary offering of SunEdison Semiconductor stock; closing the $400 million in credit commitments from several SunEdison relationship financial institutions for a 24-month loan secured with a portion of SunEdison’s shares in TerraForm Power; and that the acquisition of First Wind is expected to close during the first quarter of 2015, subject to usual and customary conditions and regulatory approvals. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison’s filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison’s judgment as of the date of this press release. SunEdison disclaim, however, any intent or obligation to update these forward-looking statements.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sunedison-successfully-raises-funds-for-first-wind-acquisition-300021685.html

SOURCE SunEdison, Inc.