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UPDATE 1-Brookfield Asset Management takes 12.13 pct stake in SunEdison unit

Published 2016-06-29, 03:07 p/m
© Reuters. UPDATE 1-Brookfield Asset Management takes 12.13 pct stake in SunEdison unit
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(Adds details, updates shares)
June 29 (Reuters) - Brookfield Asset Management Inc
BAMa.TO reported a 12.13 percent stake in TerraForm Power Inc
TERP.O , one of the two units of bankrupt solar company
SunEdison Inc SUNEQ.PK .
The deal makes the Canadian asset manager the biggest
shareholder in TerraForm after BlueMountain Capital Management
LLC. David Tepper's hedge fund Appaloosa Management LP also has
a stake in the company.
TerraForm's shares rose as much as 16.3 percent to $10.18 on
Wednesday.
Brookfield said it acquired 11.1 million Class A common
shares of TerraForm Power with economic exposure to about 24.82
percent shares under swap agreements.
The asset manager also said it was trying to buy shares
owned by SunEdison.
Brookfield said it was buying the stake as it appeared to be
an "attractive investment opportunity" and would help fund
operations at the solar company.
SunEdison, once the fastest-growing U.S. renewable energy
company, filed for Chapter 11 bankruptcy protection in April
after a short-lived but aggressive binge of debt-fueled
acquisitions proved unsustainable.
SunEdison's units, TerraForm Power and TerraForm Global Inc
GLBL.O , were not part of the bankruptcy.
TerraForm Power, which had extended its dateline to file its
annual report to May 28, is yet to file the report.

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