SunEdison to Sell Renewable Yieldco Stakes to Brookfield
- Canadian asset manager needs court approval to finish deal
- Yieldcos agreed to settlements with insolvent parent SunEdison
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SunEdison Inc. took a major step forward in its bankruptcy reorganization, agreeing to relinquish its control of its two yieldco units to Canada’s biggest alternative asset manager and to clear up some of the litigation brought by the affiliates.
Brookfield Asset Management Inc. agreed to increase its existing stake in TerraForm Power Inc. to 51 percent, acquiring the additional shares at $11.46 a piece, according to a statement on Tuesday. That would give the yieldco a market value of $1.7 billion. The asset manager also will pay $787 million in cash and assume about $455 million in net debt for control of TerraForm Global Inc.