SunEdison signed a definitive agreement with Dominion, establishing a joint venture for Four Brothers, a 420-MW DC, or 320-MW AC, solar project in Utah, developed by SunEdison. The project is now under construction and fully financed with an expected commercial operation date of mid-2016. The Four Brothers project is contracted under long-term PPAs for 20 years with PacifiCorp.
Gas Natural Inc.’s wholly owned subsidiary, Public Gas Company, signed a definitive agreement to sell all of its assets used in the operation of its Kentucky utility business to Kentucky Frontier Gas for $1.9 million in cash. The closing is subject to customary closing conditions, as well as regulatory approvals. Public Gas Company, a Kentucky corporation, annually distributes 147.4 million cubic feet within seven counties in eastern Kentucky.
TerraForm Power signed a definitive agreement to acquire net ownership of 930-MW of wind power plants from Invenergy Wind (Invenergy). TerraForm Power intends to acquire net ownership of 460 MW of the wind power plants from Invenergy with the remaining 470 MW to be acquired by a new warehouse facility, for a combined $2.0 billion in aggregate consideration. Invenergy will retain a 9.9 percent stake in the U.S. assets and will provide certain operation and maintenance services for these power plants.
NextEra Energy and Hawaiian Electric Industries (HEI) announced a definitive agreement under which the companies have agreed to combine. The transaction, which is valued at approximately $4.3 billion, includes the assumption of $1.7 billion in HEI debt and excludes HEI's banking subsidiary.
SunEdison and TerraForm Power signed a definitive agreement to acquire First Wind for $2.4 billion. 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.
Cleco Corporation entered into a definitive agreement to be acquired by a group of North American long-term infrastructure investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC), together with John Hancock Financial and other infrastructure investors (collectively, "investor group"). The agreement values Cleco at approximately $4.7 billion, including approximately $1.3 billion of assumed debt.
Wisconsin Energy and Integrys Energy Group entered into a definitive agreement under which Wisconsin Energy will acquire Integrys in a transaction valued at $9.1 billion.
Integrys Energy Group and the infrastructure equity investment fund BBIP (Balfour Beatty Infrastructure Partners LP) entered into a definitive agreement in which Integrys will sell 100 percent of the stock of Upper Peninsula Power Company (UPPCO) to BBIP. UPPCO is a regulated electric utility business providing distribution and power supply service to approximately 52,000 residential, commercial and industrial customers in the Upper Peninsula of Michigan.