SunEdison, TerraForm Settle And Terminate Latin America Power Acquisition

(RTTNews) - SunEdison Inc. (SUNE), its holding company SunEdison Holdings Corp., and TerraForm Power Inc. (TERP) said they have entered into a settlement agreement with the shareholders of Latin America Power Holding, BV.

The settlement agreement resolves all of the disputes among the parties regarding the termination of the acquisition of Latin America Power by SunEdison. The parties have agreed that the acquisition of Latin America Power by SunEdison will not be completed.

The financial terms of the settlement include total payment of $28.5 million to be made by SunEdison and/or SunEdison Holdings Corp., but imposes no payment obligations on TerraForm Power.

The parties have resolved the case on mutually acceptable terms and have agreed that the arbitration proceeding between them will be terminated upon final payment.

In addition, the related action filed in New York state court will be dismissed without prejudice and the temporary restraining order issued in that action will be vacated immediately.

None of the parties has admitted to any wrongdoing or liability with respect to the claims asserted in the arbitration and New York state court action. They have granted each other full releases subject to the fulfillment of SunEdison's payment obligations under the settlement agreement.