TerraForm ‘well-prepared’ for SunEdison Chapter 11 bankruptcy filing

By Caroline Salls

Pittsburgh, May 5 – TerraForm Power, Inc. said it was “well-prepared” for SunEdison, Inc.’s Chapter 11 bankruptcy filing, according to a presentation released by TerraForm.

According to an 8-K filed Thursday with the Securities and Exchange Commission, TerraForm periodically meets or otherwise communicates with various stakeholders in SunEdison’s bankruptcy. The company said the presentation materials may be used in connection with those meetings or communications.

In the presentation, TerraForm said it has strong internal teams with continued focus on day-to-day execution and business operations.

In addition, TerraForm said it is focused on continuity of operations, independence, governance, systems and employees, preservation of value and stabilization and strengthening of its balance sheet.

TerraForm said it is “motivated to maximize value for all shareholders and position TerraForm Power [and] TerraForm Global for long-term growth.”

TerraForm said its YieldCo operations are provided by SunEdison employees, but there is a dedicated leadership team at the YieldCos and corporate governance through independent directors.

The company said risk mitigation requires the TerraForm entities to plan for standalone capability.

Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 16-10992.

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