TerraForm Power, Inc. (TERP)

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$TERP TerraForm buys U.S. distributed generation platform for $720M

TerraForm Power (NASDAQ:TERP) agrees to acquire a distributed generation platform with as much as ~320 MW of capacity in 20 states and D.C. from AltaGas (OTCPK:ATGFF) for $720M.

TERP says the portfolio consists of recently constructed assets that have an average remaining power purchase agreement term of ~17 years with investment grade off-takers.

TERP expects the deal to increase its distributed generation portfolio to ~750 MW, making it one of the largest distributed generation businesses in the U.S.