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Terraform Power Inc. (TERP): Billionaire David Tepper’s Appaloosa Management Reports 9.54% Stake

A newly amended 13G filing with the US SEC, showed that billionaire David Tepper‘s Appaloosa Management owns 8.71 million Class A Common shares of Terraform Power Inc. (NASDAQ:TERP) which account for 9.54% of the company’s outstanding stock. Although the number of shares owned by Appaloosa didn’t change recently, the percentage of the class did, as the fund disclosed holding 10.88% of the stock in a previous 13D/A filing. Moreover, earlier this year, Appaloosa filed an amended complaint against SunEdison, in which it requested the adoption of several reforms, including the removal of TerraForm Power Inc (NASDAQ:TERP)’s members of the Corporate Governance and Conflicts Committee and their replacement with members elected by the company’s publish shareholders, as well as the removal of the CEO Brian Wuebbels, who, resigned on Wednesday. In addition, the investor requested the appointment of a director or monitor to TerraForm’s board of directors, who will represent the interests of the public shareholders.

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TerraForm Power, formerly SunEdison Yieldco, is a renewable energy development company that owns and runs power generation assets. Year-to-date, Terraform Power’s stock is down by 28.3%. Recently, Goldman Sachs and Bank of America, reiterated their ‘Neutral’ and ‘Hold’ ratings on Terraform Power’s stock, with the price targets $10.00 and $11.00, respectively.

Heading into 2016, a total of 24 of the hedge funds tracked by Insider Monkey were bullish on TerraForm Power Inc (NASDAQ:TERP), down by 23% on the quarter. Among the investors who lost interest in Terraform Power (NASDAQ:TERP) and sold off their positions are Frank Brosens’s Taconic Capital, which dropped about $25.6 million in stock, and Robert Pohly’s Samlyn Capital, which dumped $25.2 million worth of stock. On the other hand, Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital held the biggest position, worth around $115.4 million, while the second largest position was reported by Appaloosa Management LP, worth about $95.6 million. Remaining investors long the stock were Phill Gross and Robert Atchinson’s Adage Capital Management, D. E. Shaw’s D E Shaw, and Christian Leone’s Luxor Capital Group.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Appaloosa Investment Limited Partnership I 3,724,799 3,724,799 3,724,799 4.08%
Palomino Master Ltd 4,983,909 4,983,909 4,983,909 5.46%
Appaloosa 8,708,708 8,708,708 8,708,708 9.54%
Appaloosa Capital Inc 8,708,708 8,708,708 8,708,708 9.54%
Appaloosa Management 3,724,799 3,724,799 3,724,799 4.8%
Appaloosa Partners Inc 3,724,799 3,724,799 3,724,799 4.08%
David A. Tepper 8,708,708 8,708,708 8,708,708 9.54%

Page 1 of 11 – SEC Filing


D.C. 20549


(Rule 13d-101)



Under the Securities Exchange Act of 1934

(Amendment No.  5  )*

(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
(CUSIP Number)

Ken Maiman


51 John F. Kennedy
Parkway, 2nd Floor

Short Hills, New Jersey

Tel. No.: (973) 701-7000

with a copy to:

Lawrence M. Rolnick, Esq.

Steven E. Siesser, Esq.

Lowenstein Sandler LLP

1251 Avenue of the Americas, 17th Floor

New York, New York 10020

Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

5, 2016
(Date of Event Which Requires Filing of this Statement)

the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box
[   ]

Note: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom
copies are to be sent.

*The remainder of this cover page shall be
filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of
this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Exchange Act”) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to
all other provisions of the Exchange Act (however, see the Notes).

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