Brookfield Asset Management takes 12.13 pct stake in SunEdison unit

Wed Jun 29, 2016 2:26pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

June 29 (Reuters) - Brookfield Asset Management Inc reported a 12.13 percent stake in TerraForm Power Inc , one of the two units of bankrupt solar company SunEdison Inc.

The Canadian asset manager said it acquired 11.1 million Class A common shares of TerraForm with economic exposure to about 24.82 percent shares under swap agreements.

Brookfield also said it was trying to buy shares owned by SunEdison. (

TerraForm's shares rose about 11 percent to $9.74.

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

SunEdison's units, TerraForm Power and TerraForm Global Inc , were not part of the bankruptcy. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Don Sebastian)