Renewable Energy Giant SunEdison Continues To Expand With Purchase of Vivant Solar

SunEdison Inc. said it will entrench its position as one of the “super majors” of the solar power industry with the $2.2 billion purchase of rooftop panel installer Vivint Solar Inc.

The two agreed to combine for cash, shares and debt that value Vivint at 52 percent more than last week’s closing stock price. SunEdison will finance the deal with credit lines from Goldman Sachs Group Inc. and by selling $922 million of assets to TerraForm Power Inc.

SunEdison Chief Executive Office Ahmad Chatila has been on a buying spree this year, snapping up wind, solar and hydroelectric assets around the globe. Vivint, the second biggest U.S. residential and commercial developer, will provide SunEdison and TerraForm with a U.S. growth engine that’s taking advantage of declining costs of solar energy.