On April 21, 2016, SunEdison Inc. (NYSE: SUNE) and certain of its domestic and international subsidiaries voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. TerraForm Power, Inc. (Nasdaq: TERP) and its sister company, TerraForm Global, Inc. (Nasdaq: GLBL), are NOT part of the SunEdison bankruptcy filing and have no plans to file for bankruptcy themselves.
TerraForm Power and TerraForm Global are publicly listed companies that are separate legal entities and are traded separately on Nasdaq. The equity interests of TerraForm Power and TerraForm Global in their respective wind and solar power plants that are legally owned by their respective subsidiaries are not available to satisfy the claims of creditors of SunEdison.
TerraForm Power believes that it has sufficient liquidity to operate its business. Although SunEdison’s bankruptcy will present challenges, TerraForm Power expects to continue to operate in the ordinary course and to meet its financial obligations on a timely basis. In addition, TerraForm Power intends to coordinate with SunEdison so that the Company’s facilities and their operations continue to perform uninterrupted.
SunEdison has been, and is expected to continue to be, an important partner for TerraForm Power, as SunEdison affiliates provide asset management and operations and maintenance ("O&M") services to many of TerraForm Power’s power plants. TerraForm Power anticipates that SunEdison will continue to provide these asset management and O&M services for TerraForm Power’s power plants following the filing. In addition, TerraForm Power expects that SunEdison generally will continue to fulfill its obligations to provide corporate-level support to TerraForm Power under the Management Services Agreement between SunEdison and TerraForm Power. Even if certain of those obligations were not fulfilled, TerraForm Power expects to be able to continue operating its business pursuant to contingency plans it has been developing.
|TerraForm Power Comments on SunEdison’s Chapter 11 Restructuring Filing|
|TerraForm Global Comments on SunEdison’s Chapter 11 Restructuring Filing|
|SunEdison Undertakes Chapter 11 Reorganization|
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