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

Share

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.

Share

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Your email address will not be published.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.