TerraForm companies are publicly traded subsidiaries that own and operate clean renewable energy assets acquired from SunEdison and other third party partners.

The two companies said that they are also considering replacing SunEdison with a new sponsor to contribute to the stabilization and future growth of its platform of generation assets.

TerraForm Global interim CEO Peter Blackmore said: “Our Board and management team have been working to preserve and protect stockholder value and, after careful review, we have decided that exploring all possible alternatives to maximize that value is in the best interests of all our stockholders.

“With a diverse portfolio of assets and record of strong operating performance, TerraForm Global offers a unique opportunity for a broad range of potential acquirers and investors.”

Additionally, TerraForm companies are also considering operating as independent companies without a new sponsor.

TerraForm Global and its publicly traded sister company TerraForm Power are working collaboratively with SunEdison, which filed for chapter 11 bankruptcy protection in April 2016, to resolve potential intercompany claims.

Corporate Governance and Conflicts Committee Chairman Jack Stark said: “We believe it is in the best interests of TerraForm Global and SunEdison for there to be a prompt settlement of all intercompany claims and defenses to facilitate the strategic review process.”

To conduct strategic alternatives review, TerraForm Global has roped in Centerview Partners, Greentech Capital Advisors and AlixPartners as financial advisors and Sullivan & Cromwell as its legal advisor.