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Brookfield Asset Management Inc reported a 12.13 percent stake in TerraForm Power Inc , one of the two units of bankrupt solar company SunEdison Inc.The Canadian asset manager said it acquired 11.1 million Class A common shares of TerraForm with economic exposure to about 24.82 percent shares under swap agreements.
Brookfield also said it was trying to buy shares owned by SunEdison.
TerraForm’s shares rose about 11 percent to $9.74.
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 , were not part of the bankruptcy.
Source:Reuters
