Brookfield Asset Management’s acquisition of TerraForm Global 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 merger agreement with TerraForm Global, Brookfield will acquire 100 percent of TerraForm Global for an enterprise value of approximately $1.3 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 acted on the sale of TerraForm Global with a corporate and M&A team led by Joseph Frumkin (picture) and Brian Hamilton, and the restructuring effort was led by Andrew Dietderich.

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Author: Ambrogio Visconti