S&C represents 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.
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. S&C fielded a multi-disciplinary team that included extensive involvement from lawyers with a broad set of skill sets, including M&A, restructuring, corporate governance, litigation, tax and employee benefits.
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.
The corporate and M&A teams were led by Joseph Frumkin, Brian Hamilton (TerraForm Global) and Inosi Nyatta (TerraForm Power), and the restructuring effort was led by Andrew Dietderich.
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