Brookfield to take control of SunEdison units for $2.5 bln (updated)

AlTi Global

07/03/2017 12:47

(Adds background, details) 
    March 7 (Reuters) - Brookfield Asset Management Inc  BAM.N  
 BAMa.TO  said on Tuesday it would buy one of the two "yieldcos" 
of bankrupt U.S. solar company SunEdison Inc  SUNEQ.PK  and take 
a 51 percent stake in the other, for a total of about $2.5 
billion. 
    Canada's largest alternative-asset manager will acquire 
TerraForm Global Inc  GLBL.O  for about $787 million and buy 51 
percent of Terraform Power Inc  TERP.O  for $1.7 billion. 
    Brookfield will also assume about $455 million of TerraForm 
Global's debt and pay $5.10 per TerraForm Global class A share, 
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. 
    Brookfield had a 12.16 percent stake in TerraForm Power as 
of Feb. 17, according to Thomson Reuters data. 
    Brookfield will replace SunEdison as TerraForm Power's 
sponsor once the deal closes. 
    Yieldcos are publicly traded units that hold renewable 
energy assets, including those bought from the sponsor or the 
parent company. 
 
 (Reporting by John Benny in Bengaluru; Editing by Sai Sachin 
Ravikumar) 
 ((John.Benny@thomsonreuters.com ; within U.S. +1 646 223 8780; 
outside U.S. +91 80 6749 6718; Reuters Messaging: 
John.Benny.thomsonreuters.com@reuters.net)) 
 
Keywords: TERRA GLOB BROOKFIELD ASSET/