Brookfield Asset Management’s acquisition of 51% interest in TerraForm Power from SunEdison

Sullivan & Cromwell has advised two publicly traded yieldco subsidiaries of SunEdison, TerraForm Power and TerraForm Global, in their definitive agreements to be acquired by entities controlled by Brookfield Asset Management.

Under Brookfield’s agreement with TerraForm Power, Brookfield entities will assume the role of TerraForm Power’s sponsor, and Brookfield will become the 51 percent shareholder in a transaction with an implied total enterprise value of $6.6 billion.

These transactions are the culmination of comprehensive strategic review processes initiated by each of the TerraForm companies in the wake of SunEdison’s bankruptcy.

TerraForm Power has approximately 2,987MW of renewable energy capacity, generated by more than 500 wind and solar clean energy power installations in North America, Western Europe and Chile. TerraForm Global has a portfolio of 917MW of wind and solar power assets located in Brazil, India, China, South Africa, Thailand, Malaysia and Uruguay.

Sullivan & Cromwell has advised SunEdison and TerraForm Power with a corporate and M&A team led by Inosi Nyatta (picture), and a restructuring team led by Andrew Dietderich.

Involved fees earner: Joseph Frumkin – Sullivan & Cromwell; Brian Hamilton – Sullivan & Cromwell; Andrew Dietderich – Sullivan & Cromwell; Inosi Nyatta – Sullivan & Cromwell; Andrew Dietderich – Sullivan & Cromwell;

Law Firms: Sullivan & Cromwell; Sullivan & Cromwell;

Clients: SunEdison; SunEdison; TerraForm Global, Inc.;

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Author: Ambrogio Visconti