Solar power company SunEdison aims to expand in the residential and commercial sector after buying Vivint Solar in a $2.2 billion deal.
SudEdison said it expected to accelerate its business in the UK, in addition to the US and Australia, as the rooftop solar sector continues to grow.
The company, and its spin-off, TerraForm, said it would buy Vivint’s rooftop solar portfolio of 523 megawatts (MW), expected to be installed by year-end 2015, for $922 million in cash. Vivint is the second-biggest installer of rooftop solar panels in the Unites States.
Chief executive officer Ahmad Chatila said: “SunEdison’s acquisition of Vivint Solar is a logical next step in the transformation of our platform after the successful execution of our First Wind acquisition in January 2015.”
“As of the fourth quarter of 2015, our organic growth and recent acquisitions will put SunEdison on track to deploy more than one gigawatt per quarter.”
SunEdison is the world’s largest renewable energy development company. The company develops, finances, installs, owns and operates renewable power plants.