Appaloosa raises stake in SunEdison unit TerraForm Power

Fri Apr 1, 2016 6:34am EDT
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April 1 (Reuters) - Hedge fund Appaloosa LP said on Friday it owned a 10.88 percent stake in TerraForm Power Inc, one of the two publicly listed units of struggling solar company SunEdison Inc.

Billionaire David Tepper-led hedge fund's new position in TerraForm Power as of March 29 is higher than the 9.50 percent it owned as of Jan. 1.

Appaloosa is seeking an overhaul of TerraForm Power's Conflicts Committee, claiming the company's controlling shareholder, SunEdison, has breached its fiduciary duties. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila)