By Colin Kellaher

Brookfield Renewable Partners L.P. (BEP.UN.T, BEP) on Monday said it made a non-binding proposal to buy the roughly 38% of TerraForm Power Inc. (TERP) in a stock swap.

Brookfield said its proposal values TerraForm at $17.31 a share, an 11% premium to Friday's closing price of $15.60.

Shares of TerraForm, a New York-based renewable power company, jumped to $17.30 in premarket trading Monday.

TerraForm said its board has formed a special committee of non-executive, independent directors, which is hiring financial and legal advisers to assist in a review of Brookfield's proposal.

Brookfield, the flagship listed renewable power arm of Toronto alternative asset manager Brookfield Asset Management Inc. (BAM.A.T, BAM), said the proposed deal would create one of the largest, integrated pure-play renewable power companies in the world.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 13, 2020 07:48 ET (12:48 GMT)

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