- Move elevates Tepper's Appaloosa to second-largest owner
- SunEdison teetering toward bankruptcy after acquisition binge
Invesco Ltd., one of the largest investors in TerraForm Power Inc., sold more than half of the Class A shares it held in the yieldco unit of embattled renewable-energy developer SunEdison Inc.
Atlanta-based Invesco owned 3.75 million Class A shares of TerraForm Power as of March 31, or about 4.7 percent, according to a filing Monday, down from 9.05 million shares at the end of 2015. That leaves the money manager, formerly the second-largest investor in the stock, as the seventh-largest holder.
TerraForm Power is one of two yieldcos -- publicly traded holding companies that buy and own operating wind and solar farms -- created and controlled by SunEdison. The energy company is teetering on the brink of bankruptcy after a global acquisition spree that drove up its debt to $11.7 billion as of Sept. 30.
Invesco’s move elevated David Tepper’s Appaloosa Management LP to the second-biggest owner of TerraForm Power. Appaloosa owns 10.9 percent as of March 29, after increasing its stake from 9.5 percent, according to a filing.