TerraForm Global (GLBL) Stock Jumps, Exploring Strategic Alternatives

NEW YORK (TheStreet) -- Shares of TerraForm Global (GLBL) were spiking 9.71% to $3.73 on heavy trading volume late Monday morning as the company said it is looking at strategic options, including a sale of its entire business.

Clean energy power plants owner and operator Terraform Power (TERP) is also exploring strategic alternatives. Both companies are yieldcos of bankrupt solar company SunEdison (SUNEQ).

The two companies also said they are considering a new sponsor to replace SunEdison. That could include negotiating new sponsorship arrangements or assuming SunEdison's existing sponsorship agreements, according to a company statement.

Yieldcos are publicly-traded subsidiaries that have renewable energy assets, such as assets bought from their parents or sponsors, Reuters noted.

More than 1.64 million of TerraForm Global's shares changed hands so far today vs. its average volume of 597,998 shares per day.

Shares of TerraForm Power were gaining in late-morning trading today.