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Brookfield to acquire Terraform Power

New York / Bethesda, USA - Terraform Power, Inc., an owner and operator of clean energy power plants, and Brookfield Asset Management Inc., a global alternative asset manager, announced that they have entered into a definitive agreement under which Brookfield will assume the role of Terraform Power´s sponsor and Brookfield will become the controlling shareholder.

“With the successful completion of the Board´s strategic alternatives process, the Terraform Power Board and management team are confident that Brookfield´s sponsorship will enable our company to deliver cash to shareholders while strengthening our operations for future value creation,” said Peter Blackmore, Chairman and Interim Chief Executive Officer of Terraform Power. “This agreement with Brookfield is the culmination of our efforts to separate our operations from Sunedison and to position Terraform Power for future success. With the support of Brookfield as Terraform Power´s sponsor, we will gain additional resources to continue to expand our portfolio and increase cash flow on a per share basis. We look forward to working with the talented Brookfield team to achieve a smooth transition.”

“We are pleased to increase our significant investment in Terraform Power and to contribute our operating expertise in the sector to position the company for growth,” said Sachin Shah, Senior Managing Partner of Brookfield. “We are confident that our significant renewable power operating experience, financial resources and global institutional relationships will provide Terraform Power with strong financial flexibility and an attractive pipeline for growth moving forward. We look forward to participating alongside all shareholders in capturing future upside and helping the business to achieve its full potential over time.”

“SunEdison is supporting this transaction, which it believes maximizes potential proceeds for the estate and aligns Brookfield with the interests of Terraform Power in the future to create value,” said John Dubel, Chief Executive Officer and Chief Restructuring Officer of Sunedison Inc.

The transaction has been approved by the Board of Directors of Terraform Power by all directors voting upon the recommendation of the Corporate Governance and Conflicts Committee of Terraform Power and has also been approved by the Board of Directors of Brookfield. The transaction also has the support of Sunedison.



Source: IWR Online, 08 Mar 2017