MIAMI, April 2, 2025 /PRNewswire/ -- As stated in the press release issued by TerraForm Power Parent, LLC on April 1, 2025, via GlobeNewswire:
"On January 20, 2025, a lawsuit filed in the United States District Court for the District of Maryland (Case Number: 8:18-cv-02523-PX) by Carlos Domenech against TerraForm Power Parent, LLC, formerly TerraForm Power, Inc. ("TERP"), and TerraForm Global Holdco LLC, formerly TerraForm Global, Inc. ("Global"), was resolved" in favor of Mr. Domenech. "Mr. Domenech was the CEO and President of TERP and Global and an Executive Vice President of SunEdison, the former sponsor and controlling shareholder of TERP and Global, until he was terminated by the TERP and Global Boards of Directors and SunEdison without cause on November 20, 2015. Brookfield Renewable Partners L.P., together with its institutional partners, acquired TERP and Global after Mr. Domenech's termination"
"Mr. Domenech claimed in this lawsuit that he was unlawfully terminated for reporting to the Board of Directors of SunEdison his claims that SunEdison executives had made false statements about SunEdison's liquidity to the investing public. Mr. Domenech alleged, among other things, false reporting by SunEdison executives of financial results and forecasts, and other misconduct. SunEdison filed for bankruptcy on April 21, 2016."
"After nine years of litigation, the liability issues underlying Mr. Domenech's allegations were the subject of a two-week bench trial conducted before the Honorable United States District Judge Paula Xinis in July and August 2024, who decided liability in favor of Mr. Domenech. The matter was resolved for $34,500,000."
Carlos Domenech's Comment on the Court Ruling
"This ruling underscores the gravity of the reasons behind my unlawful termination. It affirms my ethical course of action focused on protecting the interests of SunEdison, TERP, and Global shareholders while ensuring strict compliance with the law in matters of proper and transparent corporate governance-unlike the actions of other SunEdison executives and directors."
"Core values and individual character shape a company's culture. Integrity is the foundation, ensuring trust, transparency, and lasting success".
Important Notice
This press release contains projections and pro forma financial information based upon assumptions that are inherently uncertain and unpredictable. Actual results may differ materially from those discussed in, or implied by, the statements in this press release. This press release and any projections or pro forma information contained herein represent only our management's current estimates as of the date of this release and have not been subject to independent audit. We assume no duty to update the information contained in this press release. We make no representation or warranty as to the accuracy or completeness of the information contained in this press release. Unless otherwise specified, all greenhouse gas or carbon offsets or equivalencies are based on the United States Environmental Protection Agency Greenhouse Gas Equivalencies Calculator.
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