Solar

More

TerraForm Global confirms sale talks over SunEdison interests

TerraForm Global confirmed it is in “active discussions” with stricken US renewables giant SunEdison over a sale of the latter’s interests in the internationally-focused yieldco.

SunEdison set up TerraForm Global at the height of its powers in 2015 to act as a home for its operating developments in emerging markets such as India and Latin America, complementing its domestic yieldco TerraForm Power.

Both publicly-listed yieldcos watched at arm’s length as SunEdison tipped into Chapter 11 bankruptcy in April, and began a wide-ranging effort to sell assets that could reduce its $8bn of debts.

In an update to its own investors on the Nasdaq stock exchange today TerraForm Global said: “SunEdison has requested that the company share confidential information about the company, and take other steps to facilitate the marketing of SunEdison’s interests…the company is considering this request.”

It added that “TerraForm Global is in active discussions with SunEdison concerning a jointly-supported sales process” but has made no decision over supporting any bidder or transaction.

TerraForm Global's shares rose more than 16% in pre-market trading.

TerraForm Global, which like the other TerraForm has not filed for bankruptcy, said it boasts a “high quality” 917MW renewables portfolio, 61% wind and 39% solar, the majority of which is in India, China and Brazil.

SunEdison in early July sold the development rights to the 600MW King Pine wind project in Maine to Pattern Development.

Latest