SunEdison drops $2.2B to acquire Vivint Solar

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SunEdison, the world's largest renewable energy development company, announced a definitive agreement to buy Vivint Solar, one of the largest providers of residential rooftop solar systems.

The deal accelerates SunEdison's efforts to become a leading global residential and commercial solar provider, Deutsche Bank analyst Vishal Shah said in a market analysis.

SunEdison said it will pay $2.2 billion for Vivint Solar in a combination of cash, shares of SunEdison common stock and convertible notes. The deal means SunEdison's solar farm subsidiary, TerraForm Power, will gain a customer base that already contracted to purchase 523 megawatts (MW) of rooftop solar by the end of the year that is worth $922 million.

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