D.E. Shaw set to enter race for SunEdison's TerraForm Power: sources

D.E. Shaw

TerraForm Power

By Jessica DiNapoli

Hedge fund manager D.E. Shaw & Co LP is weighing a bid for SunEdison Inc's (SUNEQ.PK) controlling stake in TerraForm Power Inc (TERP.O), the bankrupt U.S. renewable energy producer's most valuable asset, according to people familiar with the matter.

D.E. Shaw's emergence as a possible bidder for TerraForm Power indicates that the potential sale process for the so-called "Class B" shares of TerraForm Power, which was formed by SunEdison to buy and operate its solar and wind power plants, is likely to be competitive.

Another hedge fund, Appaloosa Management LP, and asset manager Brookfield Asset Management Inc (BAMa.TO), have already announced plans to jointly bid on SunEdison's TerraForm Power Class B shares.

D.E. Shaw's bid preparations have not been finalized and there is no certainty its bid will materialize, the people said. Spokespeople for SunEdison and TerraForm Power declined to comment. D.E. Shaw did not respond to a request for comment.

D.E. Shaw and its affiliates already own some of the publicly traded common shares of TerraForm Power. They received them in an agreement announced last year after forgiving debt owed by SunEdison, regulatory filings show.

D.E. Shaw said in a filing last week that it owned 6.7 percent of TerraForm Power's common shares, and added that it could participate in transactions that could result in a change of control or take-private transaction involving TerraForm Power. It did not however provide specific details.

Appaloosa and Brookfield also own some common shares in TerraForm Power. An affiliate of D.E. Shaw received court approval last month to buy a solar project of SunEdison's.

While accounting for only 35 percent of the total shares outstanding, the Class B shares in TerraForm Power that SunEdison owns correspond to about 84 percent of the voting rights in TerraForm Power.

Once the fastest-growing U.S. renewable energy company, SunEdison filed for Chapter 11 bankruptcy protection in April after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.

Since then, SunEdison has been selling off assets piecemeal as it decides which path its reorganization will take. It has not yet asked for court approval of a sale process for its stake in TerraForm Power, and referenced reorganizing around the shares as an option in a filing last week.

TerraForm Power, which has a market capitalization of $1.7 billion, is one of the two so-called "yield cos" that SunEdison has said it was exploring selling its stakes in. SunEdison is also considering selling its shares in TerraForm Global (GLBL.O), which has a market capitalization of $630 million.

Bloomberg News reported last week, citing anonymous sources, that Golden Concord Holdings Ltd, a Chinese clean energy company, was also planning to bid for SunEdison's controlling stake in TerraForm Power.

(Reporting by Jessica DiNapoli in New York; Editing by Alan Crosby)



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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."



Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power


Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT


(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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