TerraForm Power Inc. said Monday it is exploring its strategic alternatives, including a merger or possible sale of the entire business. "We are actively exploring the potential sale of all of TerraForm Power's equity interests, as well as alternative structures," Interim Chief Executive Peter Blackmore said in a statement. The company has entered into a confidentiality agreement with former parent SunEdison Inc., which is currently in bankruptcy, to allow it to share information about its options. SunEdison may require the approval of the U.S. Bankruptcy Court for the Southern District of New York on decisions such as how to vote its TerraForm Power shares, said the statement. Sister company TerraForm Global Inc. , which was also spun out of SunEdison, is also reviewing its options, said the statement. Shares of both companies were halted for the news. TerraForm Power shares are up 3.7% in the year so far, while TerraForm Global shares have declined 39%. The S&P 500 has gained 4.7%.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below