TerraForm Acquiring 23 Megawatts of Solar Plants From Integrys

TerraForm Power Inc., which owns and operates power plants built by SunEdison Inc., acquired 23 megawatts of solar capacity from Integrys Energy Group Inc.

TerraForm is paying $45 million and assuming $10 million of debt to own about two-thirds of 48 projects in six states, the Bethesda, Maryland-based company said Thursday in a statement. The deal closed Wednesday.

The solar farms became operational from 2008 to 2013 and have an average of 15 years remaining on long-term contracts to sell electricity, according to the statement. Their full capacity is 34 megawatts.

TerraForm was spun off SunEdison as a yieldco in May of last year, allowing investors to own the projects and reap dividends as a shareholder pool.

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