SunEdison has received bankruptcy court approval for its settlement deal with its two yieldcos, TerraForm Global Inc. and TerraForm Power Inc.
The approvals are a key step to the yieldcos closing their pending mergers with Brookfield Asset Management, according to the interim CEO of the two companies.
The U.S. Bankruptcy Court for the Southern District of New York approved the previously announced settlement agreement between TerraForm Global, TerraForm Power and SunEdison, according to statements from the companies. The settlement between bankrupt renewable energy company SunEdison and its yieldcos was announced in March, at the same time Canada-based Brookfield Asset Management announced deals to take over TerraForm Global Inc. and and acquire a controlling stake in TerraForm Power.
Brookfield is acquiring TerraForm Global for $787 million in cash, as well as assuming approximately $455 million in debt.
In a separate deal, Brookfield is taking a 51 percent ownership stake in TerraForm Power, paying $11.46 per share.
Read more: St. Louis Business Journal