NEW YORK (TheStreet) -- Shares of SunEdison (SUNE) were falling 3.3% to $30.35 after the solar module maker and its TerraForm Power (TERP) YieldCo announced the closing of the acquisition of Atlantic Power's (AT) 512 MW wind power portfolio.
SunEdison formed its second warehouse facility, named TerraForm Private Warehouse, to hold the operating assets for a maximum of seven years. The warehouse facility is $525 million in aggregate size, according to the company.
The acquired wind plants in the portfolio are located in Idaho and Oklahoma, and are contracted under term power purchase agreements with investment grade utilities.
"We're pleased to complete the closing of Atlantic Power's operating assets utilizing TerraForm Private Warehouse, our new operating asset warehouse facility," SunEdison CFO Brian Wuebbels said. "This warehouse is integral to securing the future growth of the SunEdison-TerraForm platform, and provides repeatable and scalable funding."
TheStreet Ratings team rates SUNEDISON INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and weak operating cash flow."