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TerraForm Power $TERP to Sell UK Solar Energy Portfolio to Vortex, EFG Hermes for $580M

TerraForm Power $TERP to Sell UK Solar Energy Portfolio to Vortex, EFG Hermes for $580M

As reported by ExitHub last September, both yieldcos had engaged Centerview Partners and AlixPartners as their financial advisors to explore an exit, and Sullivan & Cromwell LLP as their legal advisor. In addition, TerraForm Power has engaged Morgan Stanley, while TerraForm Global has engaged Greentech Capital Advisors, as their respective financial advisors.]]>

LG Chem, Sunrun Launch U.S. Solar Energy Storage Partnership

LG Chem, Sunrun Launch U.S. Solar Energy Storage Partnership

Tesla Motors (NASDAQ: TSLA) agreed to acquire Sunrun’s larger rival SolarCity Corp (NASDAQ: SCTY) in an all-stock deal valued at $2.6 billion, as previously reported by ExitHub. Elon Musk is the chairman of SolarCity, chief executive of Tesla and the largest shareholder of both companies. “We’re thrilled to offer LG Chem’s best-in-class battery technology to homeowners. The partnership with LG Chem supports our financing advantage, enabling our customers to install solar plus energy storage for little to no money down,” said Sunrun chief marketing officer Michael Grasso. “Sunrun understands the importance of giving consumers control of their energy by integrating storage with solar. Therefore Sunrun is the right partner for the launch of our residential energy storage product, the new RESU – a winner of ees Award at Intersolar Europe this year – into the North American market. With Sunrun BrightBox, Sunrun’s at the forefront of solar plus energy storage innovation,” said Wonjoon Suh, global marketing department leader of the ESS Battery Division at LG Chem. Sunrun BrightBox combines solar generation with energy storage giving consumers new ways to manage their energy. BrightBox is currently available in Hawaii to customers as an affordable monthly or prepaid lease for little to no money down or as a direct cash or loan purchase. In the future BrightBox will allow consumers with time-of-use tariffs to time shift when they use solar energy to minimize paying peak rate energy prices. BrightBox will also allow customers the ability to have access to power when grid power isn’t available. Sunrun will also make LG Chem’s battery solution available to the entire solar energy industry through its subsidiary AEE Solar, a leading nationwide distributor of solar products.]]>