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Stock Market & Financial Investment News

News Breaks
July 25, 2014
14:37 EDTTERPAdage Capital Partners reports 8.68% passive stake in TerraForm Power
News For TERP From The Last 14 Days
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November 21, 2014
16:36 EDTTERPMarket ends week higher as domestic data, foreign central banks boost shares
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08:59 EDTTERPTerraForm Power raises $350M in a private placement
TerraForm announced that it has entered into a definitive securities purchase agreement with certain eligible purchasers for the purchase of a total of 11,666,667 shares of its Class A common stock for an aggregate purchase price of $350 million, or $30.00 per Share. TerraForm Power intends to use the net proceeds from this private placement to fund a portion of the purchase price payable by TerraForm Power in the previously announced acquisition by TerraForm Power, LLC of 521 MW of operating power assets from First Wind Holdings
November 19, 2014
07:51 EDTTERPSunEdison potential upside visible, says UBS
UBS sees the potential growth opportunity for SunEdison (SUNE) following its acquisition, along with TerraForm Power (TERP), of First Wind. The firm sees the acquisition as a way to put the company on track as a global renewables leader. UBS reiterates its Buy rating and $30 price target on SunEdison shares.
06:09 EDTTERPSunEdison unlikely to raise new equity after deal, says Deutsche Bank
Deutsche Bank says it does not expect SunEdison (SUNE) to raise any new equity as a result of the First Wind acquisition. It views the deal as "significantly accretive" for both TerraForm Power (TERP) and SunEdison shares and adds the acquisition doubles SunEdison's addressable market. It reiterates a Buy rating on the stock with a $35 price target.
November 18, 2014
16:26 EDTTERPOn The Fly: Closing Wrap
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12:08 EDTTERPOn The Fly: Midday Wrap
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11:16 EDTTERPSunEdison surges after acquiring wind energy company
Shares of SunEdison (SUNE) are jumping after the company announced that it had acquired First Wind, which develops products used to generate energy from wind. A number of analysts were enthusiastic about the acquisition by SunEdison, which develops silicon wafers for solar energy as well as semiconductor components. WHAT'S NEW: SunEdison announced last night that it, along with its subsidiary TerraForm Power (TERP), had bought First Wind for up to $2.4B, consisting of $1.9B upfront and $510M in incentives. Of the total $2.4B, SunEdison will pay $1.5B and TerraForm will pay $862M. TerraForm will acquire First Wind's operating portfolio. As a result of the deal, TeraPower's cash available for distribution will increase by $72.5M in 2015, and the subsidiary increased its 2015 dividend guidance to $1.30 per share. SunEdison increased its 2015 project installation guidance to 2.1 GW-2.3GW from 1.6-1.8 GW. SunEdison added that the deal, expected to close next quarter, will enable it to receive incentive distribution rights from TerraForm Power sooner. ANALYST REACTION: In a note to investors today, Brean Capital analyst Michael Gaugler wrote that the acquisition is "transformative" for SunEdison. The deal will improve SunEdison's risk profile compared with its solar energy peers by increasing the geographic diversity of TerraForm's holdings, Gaugler believes. As a result, TerraForm's shares should rise, the analyst forecast. Gaugler added that he was unsure about whether the deal will prove to be a positive turning point for SunEdison;s stock, although he thinks that the transaction will convince investors of the company's ability to create value. He kept a $23 price target and Buy rating on the shares. UBS analyst Stephen Chin wrote that the deal is a "potential game changer" for SunEdison, as enables the company to diversify its products by entering the wind energy space. Chin kept a $30 price target and Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison surged 25% to $20.75 and TerraForm jumped 28% to $33.
09:20 EDTTERPOn The Fly: Pre-market Movers
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07:28 EDTTERPSunEdison, TerraForm Power acquisition a potential game-changer, says UBS
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06:54 EDTTERPSunEdison & TerraForm Power to host Investor meeting
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November 17, 2014
18:32 EDTTERPOn The Fly: After Hours Movers
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17:39 EDTTERPSunEdison, TerraForm Power acquisition of First Wind to close in 1Q15
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17:34 EDTTERPSunEdison, TerraForm Power to acquire First Wind for $2.4B
SunEdison (SUNE) and TerraForm Power (TERP) announced that they have signed a definitive agreement to acquire First Wind, one of the leading developers, owners and operators of wind projects in the U.S. With the purchase, SunEdison acquires the leading independent wind development and asset management company and becomes the leading global renewable energy development company. As a result, SunEdison raises its 2015 project installation guidance from 1.6-1.8 GW to 2.1-2.3 GW. SunEdison shareholders are expected to benefit from increased project development cash flow, asset management revenues, and dividend payments from TerraForm Power. The transaction also will accelerate the timing and enhance the visibility of SunEdison's receipt of incentive distribution rights from TerraForm Power, and increase the value of SunEdison's yieldco platform. The transaction is immediately accretive to TerraForm Power and is expected to deliver $72.5M in unlevered cash available for distribution in 2015. Pro forma for the transaction, TerraForm Power raises its 2015 CAFD guidance to $214M and 2015 dividend guidance to $1.30 per share, a 44% increase over its current $0.90 dividend rate. SunEdison will purchase over 1.6 GW of pipeline and backlog projects, which have been added to TerraForm Power's call right project list and are expected to be operational in 2016-2017. Included in the transaction is an additional 6.4 GW of project development opportunities. SunEdison expects to accelerate the rate of project development and realize significant synergies and growth opportunities by integrating First Wind's wind platform into its own global project development and finance platform. TerraForm Power acquires 521 MW of contracted wind generation assets from First Wind and adds 1.6 GW to its list of call right projects scheduled for drop down in 2016-2017. The acquisition increases the generation capacity of TerraForm Power's operating portfolio by more than 50% and provides further geographic diversity in Maine, New York, Hawaii, Vermont and Massachusetts. In addition, subsequent to the acquisition, TerraForm Power's call right project list with SunEdison will double to 3.2 GW of solar and wind projects.

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