RSS   Newsletter   Contact   Advertise with us
Post Online Media
Acquisition   $11.46 per share

Brookfield to take control of SunEdison units for $1.41 billion

TerraForm PowerBrookfield Asset Management will buy one of the two "yieldcos" of bankrupt U.S. solar company SunEdison and take a 51 percent stake in the other, for a total of about $1.41 billion.

Article continues below


READ MORE Brookfield Asset Management wants half of TerraForm Powereak]


Canada's largest alternative-asset manager is increasing its holding in TerraForm Power after first reporting a stake in June, when it called the SunEdison unit an "attractive investment opportunity".

Brookfield will acquire TerraForm Global for about $787 million and increase its stake to 51 percent of TerraForm Power for $622 million.

Brookfield will also assume about $455 million of TerraForm Global's debt and pay $5.10 per TerraForm Global class A share, which represents a 20 percent premium to the stock's Monday closing price.

TerraForm Global owns or has contracts to acquire 952 megawatts of wind and solar power in Brazil, India, China, South Africa, Thailand, Malaysia and Uruguay.

TerraForm Power class A shareholders will get $11.46 per share in cash, below the stock's Monday close of $11.59.

TerraForm Power owns about 2,967 megawatts of solar and wind assets in the United States, Canada, the United Kingdom and Chile.


What to read next
 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy