TerraForm Power and Appaloosa Enter Settlement Agreement Regarding Pending Litigation
Under the terms of the agreement, the Company has agreed to improve its information technology infrastructure and make certain changes related to corporate governance. In connection with these initiatives,
- Segregate its information technology systems for key functions from
SunEdison ; Grant Thomas Studebaker , or any successor in the role of the Company’s Chief Operating Officer, responsibility for TerraForm Power’s ordinary course commercial operations, subject to the authority ofPeter Blackmore , TerraForm Power’s Interim CEO; this commitment will expire at the earlier of two years or whenSunEdison sells its controlling stake in the Company; and- Seek to identify and appoint an additional independent director to the TerraForm Power Board.
“Over the course of 2016, the
About
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “goal,” “guidance,” “outlook,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases.
They include, without limitation, statements relating to approval of the settlement by the Court; the expected timeframe for resolution of the settlement; the segregation of the Company’s information technology systems for key functions from
The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are described in the filings made by us with the
The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Contacts: Investors:Brett Prior TerraForm Power bprior@terraform.com (650) 889-8628 Media:Meaghan Repko /Joseph Sala /Nicholas Leasure Joele Frank , Wilkinson Brimmer Katcher media@terraform.com (212) 355-4449