NEW YORK (TheStreet) -- Shares of Terraform Power (TERP) - Get Report were gaining in mid-afternoon trading on Friday as Golden Concord is looking to purchase a controlling stake in the power plant operator from bankrupt SunEdison (SUNEQ), sources told Bloomberg.
Golden Concord, a Chinese clean energy company, is planning on bidding for SunEdison's controlling stake in TerraForm, which owns operating power plants, the sources added.
Brookfield Asset Management (BAM) and hedge fund Appaloosa Management are planning a joint bid for the controlling stake of the Bethesda, MD-based company.
The two companies already own a combined 21.5% stake in TerraForm, Bloomberg noted.
SunEdison first filed for bankruptcy in April with $16 billion in liabilities. The renewable energy company has not yet made a motion in court to sell its stake in TerraForm.
Additionally, Golden Concord's power unit GCL New Energy is interested in purchasing other assets from SunEdison, such as U.S. solar farms, the sourced added.
Separately, TheStreet Ratings objectively rated TerraForm Power stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and generally high debt management risk.
You can view the full analysis from the report here: TERP