Brookfield Asset proposes to take 50-60 pct stake in TerraForm Power

AlTi Global

18/11/2016 14:26

Nov 18 (Reuters) - Brookfield Asset Management Inc  BAMa.TO  
proposed on Friday to take a 50-60 percent stake in bankrupt 
solar company SunEdison Inc  SUNEQ.PK  unit TerraForm Power Inc 
 TERP.O , a week after it expressed interest in buying the unit. 
    The cash offer of $13 for class A and class B shares of 
TerraForm Power is nearly in line with the class A stock's 
Thursday close of $13.01. 
    The asset manager, which in June expressed interest in 
buying SunEdison's stake in TerraForm, said last week that it 
had met with the companies and their advisers to discuss options 
for a deal. (http://bit.ly/2fB6Pp3) 
    One option included Brookfield replacing SunEdison as the 
sponsor of yieldcos TerraForm Power and TerraForm Global Inc 
 GLBL.O , keeping them as listed entities and purchasing class A 
and class B shares. 
    Yieldcos are publicly traded units that hold renewable 
energy assets, including those bought from the parent company. 
    Brookfield had said it could alternatively purchase the two 
yieldcos for cash. 
 
 (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak 
Dasgupta) 
 ((arathys.nair@thomsonreuters.com;  within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 3863; Reuters Messaging: 
arathys.nair.thomsonreuters.com@reuters.net)) 
 
Keywords: BROOKFIELD ASSET TERRAFORM POWER/