Denial of Appaloosa injunction clears the way for SunEdison to acquire Vivint

A judge’s rejection of David Tepper’s attempts to block SunEdison from transferring Vivint assets to yieldco TerraForm Power is good news for the belated deal.

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On Wednesday, a judge in the U.S. state of Delaware rejected a request by hedge fund manager David Tepper’s Appaloosa Management to prevent SunEdison from transferring assets from Vivint Solar to yieldco TerraForm Power.

Appaloosa is a significant shareholder in TerraForm Power, and Tepper had argued that including Vivint Solar’s residential solar assets in TerraForm’s portfolio of utility-scale projects would weaken its portfolio.

SunEdison is still in the process of acquiring Vivint, and this ruling removes a key hurdle to that process. “It’s a win for us,” SunEdison spokesperson Ben Harborne told pv magazine. The news follows shortly on a vote by Vivint shareholders approving the acquisition, the terms of which were modified in December.

The market has also responded positively, with SunEdison shares rising from a low of $1.27 earlier on Thursday to $2.26 in after-hours trading.

SunEdison's troubles are far from over. In addition to the ongoing suit by Appaloosa, the company is also being sued by shareholders of Latin American Power, and its stock value has fallen by more than 90% since last summer.

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Christian Roselund

Christian Roselund served as US editor at pv magazine from 2014 to 2019. Prior to this he covered global solar policy, markets and technology for Solar Server, and has written about renewable energy for CleanTechnica, German Energy Transition, Truthout, The Guardian (UK), and IEEE Spectrum.

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