TerraForm Power Press Release Concerning Resolution of Claims Against TerraForm Power and TerraForm Global

/EIN News/ -- NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- On January 20, 2025, a lawsuit filed in the United States District Court for the District of Maryland (Case Number: 8:18-cv-02523-PX) by Carlos Domenech against TerraForm Power Parent, LLC, formerly TerraForm Power, Inc. (“TERP”), and TerraForm Global Holdco LLC, formerly TerraForm Global, Inc. (“Global”), was resolved. Mr. Domenech was the CEO and President of TERP and Global and an Executive Vice President of SunEdison, the former sponsor and controlling shareholder of TERP and Global, until he was terminated by the TERP and Global Boards of Directors and SunEdison without cause on November 20, 2015. Brookfield Renewable Partners L.P., together with its institutional partners, acquired TERP and Global after Mr. Domenech’s termination. Mr. Domenech claimed in this lawsuit that he was unlawfully terminated for reporting to the Board of Directors of SunEdison his claims that SunEdison executives had made false statements about SunEdison’s liquidity to the investing public. Mr. Domenech alleged, among other things, false reporting by SunEdison executives of financial results and forecasts, and other misconduct. SunEdison filed for bankruptcy on April 21, 2016.

After nine years of litigation, the liability issues underlying Mr. Domenech’s allegations were the subject of a two-week bench trial conducted before the Honorable United States District Judge Paula Xinis in July and August 2024, who decided liability in favor of Mr. Domenech. The matter was resolved for $34,500,000.

Contact for Investors/Media:

Alex Jackson
enquiries@brookfieldrenewable.com