Yieldco nods to SunEdison regarding asset sales in India, Uruguay
Solar park in India built by SunEdison. Author: American Center Mumbai. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
TerraForm Global Inc (NASDAQ:GLBL) has given the green light to its bankrupt parent SunEdison (OTCMKTS:SUNEQ) to sell projects in India and Uruguay, including assets that were supposed to be transferred to the yieldco.
More specifically, the company has consented to the planned sale of a 425-MW solar portfolio in India, for which it had made a prepayment to SunEdison, as well as the 24-MW Bora Bora wind project in India and certain assets in Uruguay.
TerraForm Global did not give information about the potential buyer. The company noted that it expects to receive a portion of the cash proceeds from the transaction that is not likely to be above USD 10 million (EUR 8.9m).
The yieldco will not pursue claims against a third-party buyer of the assets, but has retained all of its claims against SunEdison, it stressed.