SunEdison completed a $335 million private placement of membership interests in TerraForm Global, LLC., an indirect subsidiary of SunEdison formed to own and operate contracted clean power generation assets in emerging markets. Additionally, TerraForm Global, Inc., an indirect subsidiary of SunEdison, entered into a stock purchase agreement for the sale of $67.5 million of its Class A common stock in a private placement, conditioned upon the closing of its initial public offering.
The private placements were entered into with institutional investors, including Baron Funds, Capricorn Investment Group, GE, Glenview Capital Management, Kingdon Capital Management and Zimmer Partners. These investments are in addition to the $175 million of private placements announced on May 7.
GE’s renewable energy business announced a $25 million investment in TerraForm Global. The agreement is expected to help support new wind pipeline opportunities for TerraForm Global, and GE also will provide life cycle operations and maintenance support for TerraForm’s international wind fleet. The two companies also have agreed to continue exploring additional opportunities for growth-oriented collaboration.
“This investment is about driving continued global growth for renewable power,” said Anne McEntee, president & CEO of GE’s renewable energy business. “Together with SunEdison, we will significantly increase wind developments in key growth regions like Latin America, Europe, India and China.”
The membership interests and Class A common stock have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.