Brookfield Asset lists proposals for potential TerraForm Power deal

AlTi Global

10/01/2017 23:42

Jan 10 (Reuters) - Brookfield Asset Management Inc  BAMa.TO  
said it had submitted alternative proposals regarding its 
interest in buying bankrupt solar company SunEdison Inc's 
 SUNEQ.PK  "yieldco", TerraForm Power Inc  TERP.O . 
    Canada's largest alternative-asset manager said it would 
purchase all of TerraForm Power's outstanding shares for $11.50 
in cash for a total consideration of $1.6 billion. 
    An alternative proposal involves Brookfield replacing 
SunEdison as the sponsor and controlling shareholder of 
TerraForm Power.  urn:newsml:reuters.com:*:nEOL5J9CNf 
    Brookfield said it was open to raising the offer to $12.50 
per share in cash if it can also buy SunEdison's other 
"yieldco", TerraForm Global Inc  GLBL.O . 
    Brookfield is TerraForm Power's largest investor, with a 
12.12 percent stake, according to Thomson Reuters data. 
    The asset manager offered $13 for class A and class B shares 
when it proposed a 50-60 percent stake in TerraForm Power in 
November. 
    TerraForm Power said last week it would sell some UK solar 
projects to Vortex, the renewable energy investment platform of 
Egypt's EFG Hermes, for about $580 million. 
    Last month, TerraForm Power asked bidders to provide a firm 
pricing by early January. 
    Hedge fund manager D.E. Shaw & Co LP has also expressed an 
interest in the yieldco. 
    Yieldcos are publicly traded units that hold renewable 
energy assets, including those bought from the parent company. 
    TerraForm Power has a market value of $1.9 billion, while 
TerraForm Global's market capitalisation stands at $759.3 
million.  
 
 (Reporting by Vishaka George in Bengaluru) 
 ((vishaka.george@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 1130; Reuters Messaging: 
vishaka.george.thomsonreuters.com@reuters.net)) 
 
Keywords: BROOKFIELD ASSET TERRAFORM POWER/