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SunEdison Response To Terraform Power Settlement Briefing

MARYLAND HEIGHTS, Mo., Nov. 14, 2016  /PRNewswire/ -- On Tuesday, November 8, 2016, in a filing with the Securities and Exchange Commission, Terraform Power, Inc. ("TERP") disclosed in a presentation attached to the filing (the "Presentation") that it had circulated a draft settlement agreement to SunEdison, Inc. ("SunEdison") to propose a resolution of its outstanding claims against SunEdison. 

Since September 2016, TERP and SunEdison have been engaged in a collaborative process to explore strategic alternatives for TERP (as well as Terraform Global, Inc.) including a merger, sale, sponsorship or other transaction and that process continues.  SunEdison is committed to continue to work in good faith with TERP as both entities explore strategic alternatives and will continue to do so during the pendency of any settlement negotiations.

In furtherance of these settlement negotiations, SunEdison is currently in the process of reviewing and analyzing all pertinent information, including information it has requested from TERP as well as TERP's settlement proposal outlined in the Presentation. However, to enhance transparency around the settlement process, SunEdison would like to provide its views on TERP's settlement proposal, which have been conveyed to TERP previously and that the parties continue to negotiate. In particular, SunEdison believes that:

  • The Presentation does not adequately account for SunEdison's defenses to TERP's claims against SunEdison;
  • The Presentation does not account at all for the substantial affirmative claims held by SunEdison against TERP (including, without limitation, the value of any of the claims outlined in the recent motion filed by the Official Creditors' Committee); and
  • The premise set forth in the Presentation that SunEdison's interests in TERP be treated "ratably" with TERP's other equity interests does not adequately account for SunEdison's contractual rights and interests and this issue will be addressed in the settlement negotiations.

Overall, SunEdison is focused on maximizing the value of the estate for its creditors, and will continue to do everything it can in furtherance of that objective. SunEdison is also pleased that TERP recognizes the benefits of a consensus between TERP and SunEdison as it explores strategic alternatives. 

About SunEdison

SunEdison develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. The company is one of the leading renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices around the world.

Forward-Looking Statements

This press release contains forward-looking statements with respect to our Chapter 11 filing and related matters. These forward looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Important factors that could cause our actual results to differ materially from those anticipated in the forward-looking statements include, among other things: (i) the ability of SunEdison to develop, prosecute, confirm and consummate the Chapter 11 plan of reorganization; (ii) the potential adverse effect of the Chapter 11 filing on SunEdison's liquidity and operations and the risks associated with operating businesses under Chapter 11 protection; (iii) the ability of SunEdison to comply with the terms of the DIP financing facility; (iv) SunEdison's ability to obtain additional financing; (v) SunEdison's ability to retain key management and employees, (vi) customer response to the Chapter 11 filing; and (vii) the risk factors or uncertainties listed from time to time in SunEdison's filings with the Securities and Exchange Commission and with the U.S. Bankruptcy Court in connection with the company's Chapter 11 filing. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.

Forward-looking statements speak only as of the date of this release. We undertake no obligation to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.

Ross Lovern
212 521 4876

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SOURCE SunEdison, Inc.