TerraForm Global (GLBL) Consents to Sale of Certain SunEdison (SUNEQ) Assets
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TerraForm Global, Inc. (Nasdaq: GLBL) announced that it has reached an agreement with certain subsidiaries of SunEdison, Inc. (OTC: 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.
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