Brookfield to acquire controlling stake in Terraform Power

 

TerraForm Power, Inc. (Bethesda, Maryland, U.S.), an owner and operator of clean energy power plants, and Brookfield Asset Management Inc. (New York), a global alternative asset manager, on March 7^th, 2017 announced that they have entered into a definitive agreement under which Brookfield will assume the role of TerraForm Power’s sponsor and Brookfield will become the controlling shareholder with 51% ownership.

“With the successful completion of the Board’s strategic alternatives process, the TerraForm Power Board and management team are confident that Brookfield’s sponsorship will enable our company to deliver cash to shareholders while strengthening our operations for future value creation,” said Peter Blackmore, Chairman and Interim Chief Executive Officer of TerraForm Power.

“This agreement with Brookfield is the culmination of our efforts to separate our operations from SunEdison and to position TerraForm Power for future success.”

“We are confident that our significant renewable power operating experience, financial resources and global institutional relationships will provide TerraForm Power with strong financial flexibility and an attractive pipeline for growth moving forward,” added Sachin Shah, Senior Managing Partner of Brookfield.

Support by SunEdison

“SunEdison is supporting this transaction, which it believes maximizes potential proceeds for the estate and aligns Brookfield with the interests of TerraForm Power in the future to create value,” said John Dubel, Chief Executive Officer and Chief Restructuring Officer of SunEdison Inc.

The transaction has been approved by the Board of Directors of TerraForm Power by all directors voting upon the recommendation of the Corporate Governance and Conflicts Committee of TerraForm Power and has also been approved by the Board of Directors of Brookfield. The transaction also has the support of SunEdison.

TerraForm Power enters settlement agreement with SunEdison

As part of its strategic alternatives process, TerraForm Power also announced that it has entered into a settlement agreement with SunEdison in connection with the Chapter 11 bankruptcy case of SunEdison. This agreement is subject to the approval of the U.S. bankruptcy court overseeing the SunEdison Bankruptcy. 

source: http://www.solarserver.com