TerraForm Power, an affiliate of Brookfield Asset Management and a renewable energy developer and operator, has announced the acquisition of Sun Tribe Development, a mid-sized utility-scale solar and storage developer.
Sun Tribe has executed over 800 MW of projects and more than 4,100 MW in its pipeline across the Mid-Atlantic and Southeastern U.S.
Terraform Power’s portfolio includes 3,400 MW of utility-scale wind, solar, and battery storage facilities in its portfolio, which operate across 23 U.S. states and Canada.
“I’m excited by today’s news, welcoming Sun Tribe Development into the fold to deliver on TerraForm Power’s new high-growth strategy in the U.S. market. Together, we’ll rapidly expand TerraForm Power’s footprint across the U.S. to meet this moment and deliver much-needed, domestically sourced power to support digitalization and reindustrialization in the country. Sun Tribe Development’s portfolio complements our existing development pipeline and enhances our position as a partner of choice to the largest buyers of clean power,” said Mark Noyes, CEO & President, TerraForm Power.
According to Mercom’s recently released Q1 2025 Solar Funding and M&A report, a total of 19 solar corporate M&A transactions were recorded in Q1 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&A transactions in Q1 2024.
In March, Wang & Lee Group (WLG), a sustainable technology solutions provider specializing in energy storage systems and smart infrastructure, announced its acquisition of SolarHK, a solar energy company, through an allotment of shares valued at approximately HK$15 million (~$1.9 million). The acquisition is expected to create synergies between WLG’s lithium-ion battery research, which was developed in collaboration with the City University of Hong Kong.
