SunEdison to Sell $500 Million in Debt for Solar AcquisitionsJustin Doom
SunEdison Inc., the best-performing U.S. solar company this year, is offering $500 million in convertible debt for acquisitions on three continents.
About $350 million to $400 million of the net proceeds will be used on projects and to pay debt on solar farms held by subsidiary TerraForm Power Inc., St. Peters, Missouri-based SunEdison said today in a statement. SunEdison created TerraForm to own and operate renewable power plants.
The notes, due in 2020, will be offered in a private placement, with interest and conversion rates determined at the time of the sale.
SunEdison is up 50 percent this year, the most of any U.S. company in the Bloomberg Industries Global Large Solar Energy Index. The top performer is REC Silicon ASA of Sandvika, Norway.
SunEdison said in a filing today that it’s in talks to buy solar developers and power plants in the U.S., Canada, Chile and the U.K.