Point72 Discloses Stake in SunEdison

Billionaire Steven A. Cohen's investment firm Point72 Asset Management LP on Monday disclosed a 5.1% stake in renewable-energy developer SunEdison Inc.

Based on Monday's $10.40 closing price, Point72's 15.95-million-share stake was valued at about $165.9 million.

Formerly known as MEMC Electronics Materials Inc., Maryland Heights, Mo.-based SunEdison was formed in 1984 and went public in 1995. This month, it said it was forming a $1 billion investment vehicle, TerraForm Power Inc.

Another one of its yield companies, TerraForm Global Inc., went public in late July.

Yieldcos, as they are known on Wall Street, are publicly traded companies that hold certain assets—TerraForm Global's case solar and wind projects—and issue regular dividends to shareholders.

For the first six months of the year, the most recent results available, SunEdison reported a loss of $635 million, or $2.24 a share, compared with a loss of $655 million, or $2.46 a share, a year earlier.

Net sales rose to $778 million from $771 million a year earlier.

SunEdison's shares, down nearly 47% this year, rose 3% to $10.73 in late trading.

Write to Maria Armental at [e-mail]

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(END) Dow Jones Newswires

August 31, 2015 18:45 ET (22:45 GMT)

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