SunEdison, the bankrupt, Maryland Heights-based solar provider, has settled a lawsuit brought against it by one of its yieldcos’ largest shareholders, David Tepper of Appaloosa Management LP.
According to Bloomberg, the settlement calls for TerraForm Power to segregate its information technology systems from SunEdison’s and appoint an additional independent director to its board. TerraForm Power will also grant TerraForm Chief Operating Officer Thomas Studebaker — or a successor in that role — responsibility for “ordinary course commercial operations,” subject to the authority of interim Chief Executive Officer Peter Blackmore.
Tepper filed the lawsuit in January in an attempt to block SunEdison’s acquisition of assets from Vivint Solar.
The $1.9 billion deal eventually fell through as Vivint canceled the deal and sued SunEdison for failure to complete their agreement.
Read more: St. Louis Business Journal