Client Highlight: TerraForm
Represented by S&C, TerraForm entities announce definitive agreements with Brookfield Asset Management.
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 assumed the role of TerraForm Power’s sponsor, and Brookfield became the 51 percent shareholder in a transaction with an implied total enterprise value of $6.6 billion. The transaction closed on October 16, 2017.
Under Brookfield’s pending 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.