TerraForm Power Inc. (Nasdaq: TERP) is buying Capital Dynamics' U.S. solar energy fund assets for $250 million.
The assets consist of 39 solar energy production sites in five states: California, Massachusetts, New Jersey, New York and Pennsylvania
TerraForm, headquartered in Beltsville, Maryland, is a renewable energy company that focuses on operating solar plants and other power generation assets. In connection with the deal, the buyer increased its revolving credit facility to $215 million, which it expects to help fund the acquisition of Hudson Energy. The Hudson Energy deal was announced earlier in October.
Capital Dynamics says it will continue to invest in clean-energy infrastructure. The asset manager has $19 billion in assets under management or advisement, and invests in private equity and clean-energy infrastructure.
Barclays and JP Morgan acted as TerraForm's financial advisers on the deal.
Other recent solar energy deals include NRG Energy Inc.'s NYSE: NRG) deal for Goal Zero in August, and RGS Energy's (Nasdaq: RGSE) deal for Elemental Energy LLC in March.