Jan 10 (Reuters) - Brookfield Asset Management Inc said it had submitted alternative proposals regarding its interest in buying bankrupt solar company SunEdison Inc's "yieldco", TerraForm Power Inc.
Canada's largest alternative-asset manager said it would purchase all of TerraForm Power's outstanding shares for $11.50 in cash for a total consideration of $1.6 billion.
An alternative proposal involves Brookfield replacing SunEdison as the sponsor and controlling shareholder of TerraForm Power.
Brookfield said it was open to raising the offer to $12.50 per share in cash if it can also buy SunEdison's other "yieldco", TerraForm Global Inc.
Brookfield is TerraForm Power's largest investor, with a 12.12 percent stake, according to Thomson Reuters data.
The asset manager offered $13 for class A and class B shares when it proposed a 50-60 percent stake in TerraForm Power in November.
TerraForm Power said last week it would sell some UK solar projects to Vortex, the renewable energy investment platform of Egypt's EFG Hermes, for about $580 million.
Last month, TerraForm Power asked bidders to provide a firm pricing by early January.
Hedge fund manager D.E. Shaw & Co LP has also expressed an interest in the yieldco.
Yieldcos are publicly traded units that hold renewable energy assets, including those bought from the parent company.
TerraForm Power has a market value of $1.9 billion, while TerraForm Global's market capitalisation stands at $759.3 million. (Reporting by Vishaka George in Bengaluru)