Hedge fund manager D.E. Shaw & Co LP is weighing a bid for SunEdison Inc.’s controlling stake in TerraForm Power Inc., the bankrupt U.S. renewable energy producer's most valuable asset, Reuters reported yesterday. D.E. Shaw's emergence as a possible bidder for TerraForm Power indicates that the potential sale process for the so-called "Class B" shares of TerraForm Power, which was formed by SunEdison to buy and operate its solar and wind power plants, is likely to be competitive. Another hedge fund, Appaloosa Management LP, and asset manager Brookfield Asset Management Inc., have already announced plans to jointly bid on SunEdison's TerraForm Power Class B shares. D.E. Shaw and its affiliates already own some of the publicly traded common shares of TerraForm Power. They received them in an agreement announced last year after forgiving debt owed by SunEdison, regulatory filings show.
