TerraForm Power Inc, a holding company founded and controlled by the bankrupt clean-energy giant SunEdison Inc, is seeking to sell about 365 megawatts of solar farms in the UK, according to two people familiar with the plans.
About five companies are now in a second round of bidding for the 24-project portfolio, the bulk of its UK holdings, according to the people, who asked not to be named because they are not authorized to speak publicly.
Citigroup Inc is advising TerraForm on the sale, they said.
TerraForm was set up as a yieldco — a holding company that buys and owns operating power plants, and funds dividend payments to shareholders through selling electricity. They are usually acquirers rather than sellers.
The company last month said that it would consider selling some assets to “optimize” its portfolio after posting a net loss of US$181 million to US$203 million last year, according to preliminary unaudited results for last year.
Most of TerraForm’s assets are in the US, and it also owns power plants in Canada, Chile and 376 megawatts of solar power in the UK, as of June 30.
The yieldco is pursuing the UK asset sale while also taking steps to be acquired.
SunEdison, which filed the biggest US bankruptcy of the year in April, last month announced that it is working to sell its controlling stakes in TerraForm and sister company TerraForm Global Inc.
TerraForm Power is also said to be setting up a formal auction to sell itself.
Brookfield Asset Management Inc and Appaloosa Management LP are jointly pursuing SunEdison’s stake in TerraForm.
SunEdison controls TerraForm Power through its ownership of the yieldco’s Class B shares.
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