TerraForm Global Consents to Sale of SunEdison India Assets
September 27 2016 - 4:15PM
TerraForm Global, Inc. (Nasdaq:GLBL) (the “Company”), a global
owner and operator of clean energy power plants, today announced
that it has reached an agreement with certain subsidiaries of
SunEdison, Inc. (OTC PINK:SUNEQ) (“SunEdison”) pursuant to which
the Company has consented to the sale of certain of SunEdison’s
subsidiaries’ assets to a third party buyer (the “Third Party Sale
Transaction”). The Third Party Sale Transaction is being conducted
in connection with SunEdison’s bankruptcy process and includes the
425 MW India portfolio of solar energy projects for which the
Company made a prepayment to SunEdison in the fourth quarter of
2015.
The Third Party Sale Transaction also includes the
Bora Bora project in India and certain assets in Uruguay that were
previously committed to be transferred to the Company by SunEdison
but were not transferred prior to SunEdison’s filing for bankruptcy
protection.
The Company has agreed not to pursue claims against
a third-party buyer relating in any way to the assets included in
the Third Party Sale Transaction. However, the Company has retained
all of its claims against SunEdison and its affiliated persons.
As a condition to the Company’s consent to the
Third Party Sale Transaction, the Company and certain subsidiaries
of SunEdison that directly or indirectly own the assets to be
subject to the Third Party Sale Transaction have entered into a
proceeds sharing arrangement pursuant to which the Company is
entitled to receive a portion of the cash proceeds received by the
SunEdison parties in the Third Party Sale Transaction. The amount
of cash proceeds the Company will receive from this arrangement is
dependent on various factors and is limited; the Company does not
expect the proceeds to exceed $10 million.
About TerraForm Global
TerraForm Global is a renewable energy company that
is changing how energy is generated, distributed and owned.
TerraForm Global creates value for its investors by owning and
operating clean energy power plants in high-growth emerging
markets. For more information about TerraForm Global, please visit:
www.terraformglobal.com.
Cautionary Note Regarding Forward-Looking
Statements
This communication contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. These
statements involve estimates, expectations, projections, goals,
assumptions, known and unknown risks, and uncertainties and
typically include words or variations of words such as “expect,”
“anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,”
“predict,” “project,” “goal,” “guidance,” “outlook,” “objective,”
“forecast,” “target,” “potential,” “continue,” “would,” “will,”
“should,” “could,” or “may” or other comparable terms and
phrases.
They include, without limitation, statements
relating to pursuit of future claims; the nature and timing of the
Third Party Sale transaction; and the amount of the potential
proceeds from the Third Party Sale Transaction. These
forward-looking statements are based on current expectations as of
the date of this press release and are subject to known and unknown
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements,
including but not limited to: whether the Third Party Sale
Transaction occurs and the amount of time and structure such sale
may take; actions by third parties, including compliance with
agreements and whether the Company’s performance is executed as a
result; the amount of the proceeds generated from the Third Party
Sale Transaction; whether the Company is able to successfully
obtain the portion of the proceeds from the Third Party Sale
Transaction it is entitled to receive, including, if necessary,
whether a court enforces the Company’s right to receive such
proceeds; as well as additional factors we have described in other
filings with the SEC.
The risks included above are not exhaustive. Other
factors that could adversely affect our business and prospects are
described in the filings made by us with the SEC.
The Company undertakes no obligation to publicly
update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
Contacts:
Investors:
Brett Prior
TerraForm Global
investors@terraform.com
(650) 889-8628
Media:
Meaghan Repko / Joseph Sala / Nicholas Leasure
Joele Frank, Wilkinson Brimmer Katcher
media@terraform.com
(212) 355-4449
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