Vivint shareholders approve SunEdison acquisition


The seemingly interminable acquisition of U.S. residential solar leasing provider Vivint Solar by renewable energy giant SunEdison looks set to draw to a close within weeks following the approval by Vivint’s shareholders of the deal.

Since first being announced around half a year ago, various roadblocks and modifications of the deal have served to delay its final approval, but in December a proxy statement by Vivint Solar called on its shareholders to vote on the acquisition, and with the post-ITC extension landscape a boon for residential solar, Vivint’s acquiescence was seen as merely a formality.

On Wednesday the company revealed in a regulatory filing that its shareholders voted overwhelmingly in favor of the SunEdison acquisition, with more than 100 million votes for and just 101,000 against.

The transaction has been valued at $1.9 billion, with SunEdison yieldco TerraForm Power on the hook to pay $799 million to acquire 470 MW of Vivint’s asset base. However, the terms of this deal served to delay the merger, with Appaloosa Management’s David Tepper suing SunEdison and claiming that the deal benefits SunEdison more than it does TerraForm Power, going so far as to call it "fundamentally unfair". Appaloosa Management has a 9.5% stake in TerraForm Power.

Following Tepper’s intervention, SunEdison has begun exploring the possibility of securing other buyers to take TerraForm Power’s stake, and a ruling is expected soon on whether Appaloosa Management’s grievance results in a withdrawal from the deal.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.