TerraForm Global Completes Acquisition Of Alto Cielo Solar Farm

TerraForm Global Inc (NASDAQ: GLBL) announced on Friday it has closed the acquisition of the 26.4 MW capacity Alto Cielo solar plant in Uruguay for approximately $35.4 million.

According to Bloomberg, TerraForm's acquisition represents something "its parent [SunEdison] has struggled to do recently: complete an acquisition." The publication added that the acquisition comes at a time when TerraForm is seeking to avoid insolvency proceedings following SunEdison's bankruptcy filing.

Related Link: Report: SunEdison Has Retained Law Firm As Bankruptcy Counsel

Bloomberg added that TerraForm is taking stakes to create distance between itself and its parent company. The company previously argued in a lawsuit filed April 3 that SunEdison misused $231 million that had been allocated towards completing solar farm projects in India.

Shares of TerraForm were trading lower by more than 1 percent Monday afternoon.