Document:

EX-10.3

 Exhibit 10.3 
 REPOWERING SERVICES 
 RIGHT OF FIRST REFUSAL AGREEMENT 

THIS AGREEMENT is made as of the      day of
                     2014, by and among TerraForm Power, Inc., a Delaware corporation (“Terra”), TerraForm Power, LLC, a Delaware
limited liability company (“Terra LLC”), TerraForm Power Operating LLC, a Delaware limited liability company (“Terra Operating”), and SunEdison, Inc., a Delaware corporation (the “Manager”). This
Agreement shall become effective immediately prior to the consummation of the initial public offering of Terra’s Class A Common Stock on the date first above written. 
 RECITALS: 
 A. Terra, Terra LLC and Terra Operating directly and indirectly,
as applicable, hold interests in the Service Recipients (as defined below). 
 B. Terra, Terra LLC and Terra Operating wish to
sell and grant the Manager a right of first refusal to provide certain services described in this Agreement to the Service Recipients from time to time, subject to the terms and conditions of this Agreement, and the Manager wishes to purchase and
accept such right of first refusal to provide services to the Service Recipients. 
 NOW THEREFORE in consideration of
the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

ARTICLE 1 

INTERPRETATION 
 1.1 Definitions 
 In this Agreement, except where the context otherwise
requires, the following terms will have the following meanings: 
 1.1.1 “Affiliate” means, with respect to a
Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person. 

1.1.2 “Agreement” means this Repowering Services Right of First Refusal Agreement, and “herein,”
“hereof,” “hereby,” “hereunder” and similar expressions refer to this Agreement and include every instrument supplemental or ancillary to this Agreement and, except where the context otherwise requires, not to any
particular article or section thereof. 
 1.1.3 “Business Day” means every day except a Saturday or Sunday, or a
legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

 1.1.4 “Control” means the control by one Person of another Person in
accordance with the following: a Person (“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example the status of A being the managing member of B) or
by virtue of beneficial ownership of or control over a majority of the voting or economic interests in B; and, for certainty and without limitation, if A owns or has control over shares to which are attached more than 50% of the votes permitted to
be cast in the election of directors to the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose, and the term “Controlled” has the corresponding meaning. 

1.1.5 “Fair Market Value” means the aggregate amount of fees that would be paid by a willing and able owner, operator or
manager of a solar energy project similar to the relevant Solar Energy Project and a willing and qualified provider of the relevant Services, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant
facts. 
 1.1.6 “Feed-in Tariff” means a performance-based incentive supporting renewable energy generation
guaranteeing payments to a Service Recipient for total kWh produced, access to the grid and a long-term contract, and/or similar additional terms. 
 1.1.7 “Governmental Authority” means any (i) international, national, multinational, federal, state, regional, municipal, local or other government, governmental or public
department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or instrumentality, domestic or foreign, including ISO/RTOs, (ii) self-regulatory organization or stock exchange, (iii) subdivision, agent,
commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing. 

1.1.8 “IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards
Board. 
 1.1.9 “Independent Committee” has the meaning set forth in the Management Services Agreement.

 1.1.10 “Laws” means any and all applicable (i) laws, constitutions, treaties, statutes, codes,
ordinances, principles of common law and equity, rules, regulations and municipal bylaws whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs,
injunctions, decisions, and awards of any Governmental Authority, and (iii) policies, practices and guidelines of any Governmental Authority which, although not actually having the force of law, are considered by such Governmental Authority as
requiring compliance as if having the force of law, and the term “applicable,” with respect to such Laws and in the context that refers to one or more Persons, means such Laws that apply to such Person or Persons or its or their
business, undertaking, property or securities at the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or securities. 

  
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 1.1.11 “Manager Group” means the Manager and its Affiliates (other than any
member of the Terra Group) and any other Service Providers. 
 1.1.12 “Manager” has the meaning assigned thereto
in the preamble. 
 1.1.13 “Management Services Agreement” means the Management Services Agreement by and among
the parties hereto dated on or about the date hereof. 
 1.1.14 “O&M Agreement” means each Operations and
Maintenance Agreement, or similar contract, entered into between a Service Recipient, on one hand, and a service provider, on the other other hand, for comprehensive preventive and corrective maintenance services, among other things, relating to a
Solar Energy Project. 
 1.1.15 “Permit” means any consent, license, approval, registration, permit or other
authorization granted by any Governmental Authority. 
 1.1.16 “Person” means any natural person, partnership,
limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company,
unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or Governmental Agency, authority or entity however designated or constituted and pronouns have a
similarly extended meaning. 
 1.1.17 “Power Purchase Agreement” or “PPA” means each contract
entered into between a Service Recipient, as seller, and a third-party purchaser for the generation, purchase and sale of electricity and/or renewable energy credits (RECs), and certain other commercial terms related thereto. 

1.1.18 “Service Providers” means the Manager, or any member of the Manager Group that the Manager has arranged to provide
the Services to any Service Recipient. 
 1.1.19 “Service Recipient” means Terra, Terra LLC, Terra Operating, as
well as any other direct and indirect Subsidiary of Terra, Terra LLC, Terra Operating, as applicable, acquired or formed after the date hereof for the purpose of owning a Project and that receives Services from a Service Provider pursuant to this
Agreement. 
 1.1.20 “Services” means, with respect to a Solar Energy Project, (i) re-powering the
applicable Solar Energy Project, including without limitation services provided to analyze, design and replace or improve the Project through the modification of the Solar Energy System or the installation of new solar components, but excluding any
maintenance; and (ii) providing such other services as may from time to time be reasonably requested by the Service Recipients relating to the foregoing. 
 1.1.21 “Solar Energy Project” or “Project” means a solar power generation project owned by any of the Service Recipients. 

  
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 1.1.22 “Subsidiary” means, with respect to any Person, (i) any other
Person that is directly or indirectly Controlled by such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any partnership, limited liability company or similar entity in which such Person holds all
of the interests other than the interests of any general partner, managing member or similar Person. 
 1.1.23
“Terra” has the meaning assigned thereto in the preamble. 
 1.1.24 “Terra Group” means Terra,
Terra LLC, Terra Operating and their direct and indirect Subsidiaries. 
 1.1.25 “Terra LLC” has the meaning
assigned thereto in the preamble. 
 1.1.26 “Terra Operating” has the meaning assigned thereto in the preamble.

 1.2 Headings and Table of Contents 
 The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof. 

1.3 Interpretation 
 In this Agreement, unless the context otherwise requires: 
 1.3.1 words importing
the singular shall include the plural and vice versa, words importing gender shall include all genders or the neuter, and words importing the neuter shall include all genders; 
 1.3.2 the words “include”, “includes”, “including”, or any variations thereof, when following any general term or statement, are not to be construed as limiting the general
term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement;

 1.3.3 references to any Person include such Person’s successors and permitted assigns; 

1.3.4 any reference to a statute, regulation, policy, rule or instrument shall include, and shall be deemed to be a reference also to, all
amendments made to such statute, regulation, policy, rule or instrument and to any statute, regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or
instrument so referred to; 
 1.3.5 any reference to this Agreement or any other agreement, document or instrument shall be
construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise
modified; 

  
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 1.3.6 in the event that any day on which any amount is to be determined or any action is
required to be taken hereunder is not a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and 

1.3.7 except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid in U.S. currency. 

ARTICLE 2 

RIGHT OF FIRST REFUSAL 
 2.1 Purchase of Right of First Refusal; Purchase Price 
 2.1.1 Terra, Terra
LLC and Terra Operating each hereby sell to Manager and Manager hereby purchases from Terra, Terra LLC and Terra Operating, an exclusive right of first refusal to provide (or arrange for another Service Provider to provide) any or all of the
Services to the Service Recipients from time to time during the term of this Agreement. 
 2.1.2 Concurrently with the execution
and delivery of this Agreement, Manager shall pay each of Terra, Terra LLC and Terra Operating one hundred dollars ($100) as full consideration for the sale and grant of such right of first refusal to Manager. 

2.2 Terms of Right of First Refusal 
 2.2.1 During the term of this Agreement, and subject to the terms and conditions specified below, Manager has a right of first refusal each time a Service Recipient (the “Offering Service
Recipient”) proposes to engage any Person to perform any Services in respect of a Project. Each time the Offering Service Recipient proposes to engage any Person to perform any Service, the Offering Service Recipient shall first offer
Manager the right to perform (or arrange for another Service Provider to perform) such Service in accordance with this Section 2.2. 
 2.2.2 The Offering Service Recipient shall give written notice (the “Offering Service Recipient Notice”) to the Manager stating its bona fide intention to engage a Person to
provide one or more Services and specifying the material terms and conditions, including a Fair Market Value fee to be paid to Manager (or other Service Provider, as applicable), upon which the Services would be provided. Upon request of the
Manager, the relevant Offering Service Recipient shall provide a breakdown of the Fair Market Value fee for relevant parts of the Services and the supply of relevant components as would be standard in the relevant market. 

2.2.3 The Offering Service Recipient Notice will constitute the Offering Service Recipient’s offer to Manager to provide (or arrange
for another Service Provider to provide) the Services on the terms therein specified and shall be irrevocable for a period of fifteen (15) Business Days (the “ROFR Notice Period”). 

2.2.4 Upon receipt of the Offering Service Recipient Notice, Manager shall have until the end of the ROFR Notice Period to agree to
provide (or arrange for another Service Provider to provide) the Services or any separately broken out parts of the Services or supply of 

  
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relevant components thereof as described in the Offering Service Recipient Notice by delivering a written notice (a “ROFR Notice”) to the Offering Service Recipient stating that
it agrees to provide (or arrange for another Service Provider to provide) such Services or part thereof on the terms specified in the Offering Service Recipient Notice. Any ROFR Offer Notice so delivered shall be binding on Manager and irrevocable
upon delivery. If Manager delivers a ROFR Offer Notice to the Offering Service Recipient in accordance with this Section 2.2.4, Manager and such Offering Service Recipient shall thereafter negotiate in good faith and use their
commercially reasonable efforts to enter into all necessary agreements and other arrangements as soon as practicable thereafter. Notwithstanding the foregoing, if Manager delivers a ROFR Notice in accordance with this Section 2.2.4,
except that it in good faith states therein that the proposed fee for such Services is not in its opinion consistent with Fair Market Value (a “Limited ROFR Notice”), then the ROFR Notice Period shall be extended by another fifteen
(15) Business Days from the delivery of the Limited ROFR Notice, and the parties shall work in good faith during such extended ROFR Notice Period to mutually agree on a Fair Market Value of the fee to be paid by Manager for the provision of
such Services. If the parties are unable to agree on the Fair Market Value within the extended ROFR Notice Period, then Manager shall be deemed not to have provided a ROFR Notice and the provisions of the following Section 2.2.5 shall apply.

 2.2.5 If Manager fails to deliver a ROFR Offer Notice in accordance with Section 2.2.4, it shall be deemed to have
waived all of its rights to provide (or arrange for another Service Provider to provide) the specific Services with respect such Offering Service Recipient Notice, and the Offering Service Recipient may, during the ninety (90) day period
following the expiration of the ROFR Notice Period engage another Person to perform such Services on terms and conditions no more favorable to such Person than those specified in the Offering Service Recipient Notice. If the Offering Service
Recipient does not engage a third party to perform the Services within such period or, if the Services are not commenced within six (6) months from the expiration of the ROFR Notice Period, Manager’s right of first refusal provided
hereunder shall be deemed to be revived and the provision of such Services shall not be offered to any third party unless first re-offered to Manager in accordance with this Section 2.2. 

2.2.6 Terra, Terra LLC and Terra Operating each hereby expressly agree to cause each other Service Recipient to comply with the terms of
this Agreement, including, without limitation, this Section 2.2. 
 ARTICLE 3 

RELATIONSHIP BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS 

3.1 Other Activities 
 No member of the Manager Group (and no Affiliate, director, officer, member, partner, shareholder or employee of any member of the Manager Group) shall be prohibited from engaging in other business
activities or sponsoring, or providing services to, third parties that compete directly or indirectly with the Service Recipients, whether or not the Manager has exercised its right of first refusal hereunder. Nothing in this Agreement will prohibit
the Manager from acquiring or operating power generation infrastructure assets that are contracted. 

  
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 3.2 Independent Contractor, No Partnership or Joint Venture 

The parties acknowledge that to the extent the Manager provides Services pursuant to this Agreement the Manager provides or
arranges for the provision of the Services hereunder as an independent contractor and that the Service Recipients, on one hand, and the Manager, on the other hand, are not partners or joint venturers with each other, and nothing herein will be
construed so as to make them partners or joint venturers or impose any liability as such on any of them as a result of this Agreement; provided however that nothing herein will be construed so as to prohibit the Service Recipients and the
Manager from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever. 

ARTICLE 4 

COOPERATION 
 4.1 Access to Information by Manager Group; Additional Actions 
 Each of
Terra, Terra LLC and Terra Operating shall, and shall cause the other Service Recipients to: 
 4.1.1 grant, or cause to be
granted, to the Manager Group full access to all documentation and information reasonably necessary to enable Manager to provide the Services; 
 4.1.2 provide, or cause to be provided, all documentation and information as may be reasonably requested by any member of the Manager Group, and promptly notify the appropriate member of the Manager Group
of any material facts or information of which the Service Recipients are aware, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against any member of the Terra Group before any Governmental Authority,
that may affect Manager’s provision of Services; and 
 4.1.3 take all actions as may be reasonably necessary to effectuate
the transactions and agreements described herein. 
 4.2 Access to Information by Service Recipients; Additional Actions

 The Manager shall, and shall cause the other members of the Manager Group to: 

4.2.1 grant, or cause to be granted, to the Terra Group full access to all documentation and information reasonably necessary in order for
the Terra Group to conduct their business; 
 4.2.2 provide, or cause to be provided, all documentation and information as may be
reasonably requested by any member of the Terra Group, and promptly notify the appropriate Service Recipient of any material facts or information of which the Manager Group is aware, including any known, pending or threatened suits, actions, claims,
proceedings or orders by or against any member of the Manager Group before any Governmental Authority, that may affect the the Terra Group in connection with Manager’s provision of Services; and 

  
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 4.2.3 take all actions as may be reasonably necessary to effectuate the transactions and
agreements described herein. 
 4.3 Additional Information 

The parties acknowledge and agree that conducting the activities and providing the Services contemplated herein may have the incidental
effect of providing additional information which may be utilized with respect to, or may augment the value of, business interests and related assets in which any of the Service Providers or any of its Affiliates has an interest and that, subject to
compliance with this Agreement, none of the Service Providers or any of their respective Affiliates will be liable to account to the Service Recipients with respect to such activities or results; provided, however, that the relevant
Service Provider will not (and will cause its Affiliates not to), in making any use of such additional information, do so in any manner that the relevant Service Provider or its Affiliates knows, or ought reasonably to know, would cause or result in
a breach of any confidentiality provision of agreements to which any Service Recipient is (or may become) a party or is (or may become) bound. 
 ARTICLE 5 
 REPRESENTATIONS AND WARRANTIES 

OF THE MANAGER AND THE SERVICE RECIPIENTS 
 5.1 Representations and Warranties of the Manager 
 The Manager hereby
represents and warrants to the Service Recipients that: 
 5.1.1 it is validly organized and existing under the laws of the State
of Delaware; 
 5.1.2 it, or any another Service Provider, as applicable, holds, or will timely hold, such Permits as are
necessary to perform its obligations hereunder and is not aware of, or shall inform the Service Recipients promptly upon knowledge of, any reason why such Permits might be cancelled; 

5.1.3 it has the power, capacity and authority to enter into this Agreement and to perform its obligations hereunder; 

5.1.4 it has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 

5.1.5 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not
contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or
assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the business, assets, financial condition or results of operations of the Manager; 

  
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 5.1.6 no authorization, consent or approval, or filing with or notice to any Person is
required in connection with the execution, delivery or performance by it of this Agreement; and 
 5.1.7 this Agreement
constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application
limiting the enforcement of creditors’ rights and remedies generally and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the
availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. 
 5.2
Representations and Warranties of the Service Recipients 
 Terra, Terra LLC and Terra Operating, each hereby represents and
warrants, on its behalf and on behalf of each of the other Service Recipients, to the Manager that: 
 5.2.1 it (and, if
applicable, its managing member) is validly organized and existing under the Laws governing its formation and organization; 

5.2.2 it, or the relevant Service Recipient, holds such Permits necessary to own and operate the projects and entities that it directly or
indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled; 
 5.2.3 it
(or, as applicable, its managing member on its behalf) has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder; 
 5.2.4 it (or, as applicable, its managing member) has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 

5.2.5 the execution and delivery of this Agreement by it (or, as applicable, its managing member on its behalf) and the performance by it
of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if applicable, the Governing Instruments of its managing member), or under any mortgage, lease, agreement or other
legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the
business, assets, financial condition or results of operations of the Service Recipients as a whole; 
 5.2.6 no authorization,
consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it (or, as applicable, its managing member on its behalf) of this Agreement; and 

5.2.7 this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, subject
to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of
equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

  
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 ARTICLE 6 
 TERM AND TERMINATION 
 6.1 Term and Termination 

Unless earlier terminated by the mutual written consent of each of the parties hereto (with Terra acting through its Independent
Committee), the term of this Agreement (the “Term”) shall commence on the date hereof and shall continue in effect through the date of expiration or termination of the Non-Competition Period, as defined in the Management Services
Agreement, at which time this Agreement shall terminate and the Parties shall have no further rights or obligations under this Agreement, except those that expressly survive the termination of this Agreement. 

ARTICLE 7 

GENERAL PROVISIONS 
 7.1 Amendment, Waiver 
 The parties may amend this Agreement only by a
written agreement signed by the parties and that identifies itself as an amendment to this Agreement, provided that, except as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless the prior approval
of the Board of Directors of Terra (acting through the Independent Committee) is obtained and the amendment or waiver is executed in writing by the party to be bound thereby. No waiver of any provision of this Agreement will constitute a waiver of
any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver
of that right. A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right. 
 7.2 Assignment 
 7.2.1 This Agreement shall not be assigned by the Manager
without the prior written consent of Terra (acting through the Independent Committee, as long as Manager Controls Terra), except in the case of assignment to a Person that is the Manager’s successor by merger, consolidation or purchase of
assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as the Manager is bound under this Agreement. In addition, provided that the Manager provides prior written notice
to the Service Recipients for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer or assignment of the Manager’ rights under this Agreement, including any amounts payable
to the Manager under this Agreement, to a bona fide lender as security. 

  
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 7.2.2 This Agreement shall not be assigned by any of the Service Recipients without the
prior written consent of the Manager, except in the case of assignment by any such Service Recipient to a Person that is its successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement
and by the terms of the assignment in the same manner as such Service Recipient is bound under this Agreement. 
 7.2.3 Any
purported assignment of this Agreement in violation of this Article 7 shall be null and void. 
 7.3 Invalidity of
Provisions 
 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity
or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the parties waive any provision
of law which renders any provision of this Agreement invalid or unenforceable in any respect. The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable
provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces. 
 7.4 Entire Agreement 
 This Agreement and any agreements later entered into
as a result of Manager exercising its right of first refusal constitute the entire agreement between the parties pertaining to the Services. There are no warranties, conditions, or representations (including any that may be implied by statute) and
there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to,
contemporaneous with, or after entering into this Agreement, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent
that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement by reason of any such warranty, representation, opinion, advice or assertion
of fact. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above. 

7.5 Mutual Waiver of Jury Trial 
 AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT
TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

  
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 7.6 Consent to Jurisdiction and Service of Process 

EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR
THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH BELOW SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR
PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT
OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES
NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 7.7 No Consequential Damages 
 Notwithstanding anything to the contrary contained in this
Agreement or provided for under any applicable law, no party hereto shall be liable to any other Person, either in contract or in tort, for any consequential, incidental, indirect, special or punitive damages of such other Person, including loss of
future revenue, or income or profits, or any diminution of value or multiples of earnings damages relating to the breach or alleged breach hereof, whether or not the possibility of such damages has been disclosed to the other party in advance or
could have been reasonably foreseen by such other party. 
 7.8 Governing Law 

The internal law of the State of New York will govern and be used to construe this Agreement without giving effect to applicable
principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 
 7.9 Enurement 
 This Agreement will enure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns. 
 7.10 Notices 

Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and
shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day,

  
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(iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by
first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the addresses specified below, or at such address or to the attention of such other Person as the recipient party has specified by prior
written notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. Notices and other communications will be addressed as
follows: 
 If to the Service Recipients: 
 TerraForm Power, Inc. 
 12500 Baltimore Avenue 

Beltsville, Maryland 20705 
 Attention: General Counsel 
 Facsimile No.:      

If to the Manager: 
 SunEdison, Inc. 
 501 Pearl Drive 

St. Peters, MO 63376 
 Attention: General Counsel 
 Facsimile No.:
                     

7.11 Further Assurances 
 Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may
reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.

  
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 7.12 Counterparts 

This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts,
taken together, will constitute one and the same instrument. PDF or other electronic transmissions of this Agreement shall constitute an original counterpart. 
 7.13 Specific Performance 
 The parties agree that if a party materially
breaches any provision of this Agreement or materially fails to perform any provision in accordance with its specific terms, irreparable damage could occur, no adequate remedy at Law may exist and damages would be difficult to determine, and that
each party shall be entitled to seek an injunction and/or specific performance of the terms of this Agreement, in addition to any other contractual remedy, at law, in equity, or otherwise, to which it may be entitled. 

(Signature pages follow) 

  
 14 

 
			
	SUNEDISON, INC., as Manager
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 I-1EX-10.4

 Exhibit 10.4 
 INTEREST PAYMENT AGREEMENT 
 THIS INTEREST PAYMENT AGREEMENT (this
“Agreement”) is made as of the      day of      2014 (the “Effective Date”), by and among TerraForm Power, LLC (“Terra LLC”), TerraForm Power Operating, LLC,
a Delaware limited liability company (“Terra Operating”), SunEdison, Inc., a Delaware corporation (“SunEdison”), and SunEdison Holdings Corporation, a Delaware corporation (“SunEdison Holdings”).

 RECITALS 
 A. Terra Operating is the borrower under that certain Credit Agreement, to be dated on or about the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among Terra Operating, as borrower, the guarantors named therein,                     , as
administrative agent (the “Agent”), and the lenders named therein. 
 B. SunEdison Holdings,
which is a wholly-owned subsidiary of SunEdison, owns 100% of the outstanding Class B units (the “Class B Units”) of Terra LLC, which in turn owns 100% of the membership interests of Terra Operating. 

C. SunEdison desires to provide support with respect to the interest payment obligations of Terra Operating with respect to the term
loans made under the Credit Agreement, on the terms and subject to the conditions of this Agreement, and Terra Operating wishes to accept such support. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties hereto agree as follows: 
 AGREEMENT 

1. Definitions. 
 (a) “Affiliate” means, with respect to a person, any other person that, directly or indirectly, through one or more intermediaries, controls or is controlled by such person, or is under
common control of a third person. 
 (b) “Business Day” means every day except a Saturday or Sunday, or a legal
holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 
 (c) “Change in Control” means, with respect to Terra Operating, Terra LLC or Terra, the occurrence of any of the following: (i) a “Person” (as such term is used in Sections
13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended, but specifically excluding SunEdison and its Affiliates) becoming a beneficial owner, directly or indirectly, of equity representing fifty percent (50%) or more of the total
voting power of Terra Operating’s, Terra LLC’s or Terra’s then outstanding equity capital; (ii) Terra Operating , Terra LLC or Terra merging into, consolidating with or effecting an amalgamation with another Person, or merging
another Person into Terra Operating, Terra LLC or Terra, on a basis whereby less than fifty 

 
percent (50%) of the total voting power of the surviving Person immediately after such merger, consolidation or amalgamation is represented by equity held directly or indirectly by former
equity holders of (and in respect of their former equity holdings in) Terra Operating, Terra LLC or Terra, as applicable, immediately prior to such merger, consolidation or amalgamation; and (iii) Terra Operating, Terra LLC or Terra directly or
indirectly selling, transferring or exchanging all, or substantially all, of its assets to another Person unless greater than fifty percent (50%) of the total voting power of the transferee receiving such assets is directly or indirectly owned
by the equity holders of Terra Operating, Terra LLC or Terra, as applicable, in respect of their former equity holdings in Terra Operating, Terra LLC or Terra, as applicable, immediately prior to transfer. 

(d) “End Date” means
                    , 2017 

(e) “Governing Instruments” means (i) the certificate of incorporation and bylaws in the case of a corporation,
(ii) the articles of formation and operating agreement in the case of a limited liability company (iii) the partnership agreement in the case of a partnership, and (iv) any other similar governing document under which an entity was
organized, formed or created and/or operates. 
 (f) “Independent Committee” means a committee of the board of
directors (or equivalent body) of Terra, established in accordance with Terra’s Governing Instruments, made up of directors that are “independent” of SunEdison and its Affiliates. For purposes of this definition,
“independent” means a person who satisfies the independence requirements of the rules and regulations of the applicable stock exchange, the U.S. Securities and Exchange Commission and Terra’s Governing Instruments. The Independent
Committee shall initially be the Corporate Governance and Conflicts Committee. 
 (g) “Interest Payment Amount”
means, with respect to each Interest Payment Date, the amount of scheduled interest payable by Terra Operating on such Interest Payment Date under the Credit Agreement (excluding any amounts payable in connection with an acceleration of the loans
under the Credit Agreement) up to an aggregate amount of $                    . 

(h) “Interest Payment Date” means “Interest Payment Date” (as such term is defined in the Credit Agreement).

 (i) “Terra” means TerraForm Power, Inc., a Delaware corporation and the direct or indirect parent company of
Terra LLC and Terra Operating. 

  
 2 

 2. Support Payments. 

(a) SunEdison shall, or shall cause one of its Affiliates (other than Terra, Terra LLC and their subsidiaries) to: 

(i) at least three (3) Business Days prior to each Interest Payment Date, deposit into an account of Terra Operating
an amount equal to the Interest Payment Amount, and Terra Operating shall use such funds solely to pay the Interest Payment Amount in accordance with the terms of the Credit Agreement on or prior to the Interest Payment Date; or 

(ii) on or prior to each Interest Payment Date, pay (on behalf of Terra Operating) the Interest Payment Amount in
accordance with the terms of the Credit Agreement. 
 (b) Any payments made by SunEdison or any of its Affiliates described in
Section 2(a)(i) or (ii) shall be treated as a contribution by SunEdison (or its applicable Affiliate) to the capital of SunEdison Holdings, followed by a contribution by SunEdison Holdings to the capital of Terra LLC and by Terra LLC to
Terra Operating. However, none of SunEdison, SunEdison Holdings or their respective Affiliates shall have any rights, at any time, to reimbursement of any payments made by SunEdison or its Affiliates pursuant to Section 2(a). 

3. Failure to Pay When Due. Any amount payable by SunEdison under Section 2 which is not remitted when so due (an
“Overdue Amount”) will remain due (whether on demand or otherwise) and interest will accrue on such Overdue Amount at a rate per annum equal to the interest rate then applicable under the Credit Agreement. In addition, SunEdison
hereby irrevocably authorizes Terra LLC to pay to Terra Operating any Overdue Amount from any distributions that may be due to SunEdison with respect to its Class B Units, and to set off any such payment against any such distributions then due. The
foregoing setoff rights of Terra LLC shall be in addition to any other right of Terra LLC provided by law, and shall be effective and enforceable notwithstanding any other provision of this Agreement. 

4. Repayment of Term Loan. Terra Operating shall use commercially reasonable efforts to repay in full the term loans under the
Credit Agreement on or prior to the End Date. 
 5. Representations and Warranties. Each of Terra Operating, Terra LLC,
SunEdison and SunEdison Holdings hereby represents and warrants to the other that: 
 (a) it is validly organized and existing
under the laws of the State of Delaware; 
 (b) it has the power, capacity and authority to enter into this Agreement and to
perform its duties and obligations hereunder; 
 (c) it has taken all necessary action to authorize the execution, delivery and
performance of this Agreement; 
 (d) the execution and delivery of this Agreement by it and the performance by it of its duties
obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other 

  
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legally binding instrument, permit or applicable law to which it is a party or by which any of its properties or assets may be bound, except for any such contravention, breach or default which
would not have a material adverse effect on its business, assets, financial condition or results of operations taken as a whole; 

(e) no authorization, consent or approval, or filing with or notice to any governmental body or authority or other person is required in
connection with the execution, delivery or performance by it of this Agreement; and 
 (f) this Agreement constitutes its valid
and legally binding obligation, enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the
enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of
equitable remedies, whether such principles are considered in a proceeding at law or in equity. 
 6. Term; Termination.

 (a) Term. This Agreement shall become effective as of the Effective Date and shall terminate on the later of
(i) the End Date and (ii) the date on which all amounts due from SunEdison hereunder shall have been paid in full, unless terminated earlier as set forth in this Agreement. 

(b) Termination. Notwithstanding Section 6(a), this Agreement may be terminated prior to the End Date as follows:

 (i) Terra Operating and SunEdison may terminate this Agreement by mutual written agreement. 

(ii) This Agreement shall automatically terminate upon (i) the repayment in full of all outstanding indebtedness of
Terra Operating and its subsidiaries under the Credit Agreement or (ii) a Change in Control of Terra Operating, Terra LLC or Terra. 
 (iii) Terra Operating, Terra LLC or SunEdison may terminate this Agreement immediately if Terra Operating, Terra LLC or SunEdison makes a general assignment for the benefit of its creditors, institutes
proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or
consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency. 

(c) This Agreement may only be terminated pursuant to Section 6(a)(i) or 5(a)(iii) above by Terra Operating or Terra
LLC with the prior approval of a majority of the members of the Independent Committee. 

  
 4 

 7. Amendment; Waiver. The parties may amend this Agreement only by a written
agreement signed by the parties and that identifies itself as an amendment to this Agreement, provided that, except as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless the prior approval of
a majority of the members of the Independent Committee is obtained and the amendment or waiver is executed in writing by the party to be bound thereby. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor
will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single
or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right. 
 8. Notices. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when
delivered personally to the recipient, (ii) when sent by facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable
overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the addresses specified
below, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written notice
of the change to the sending party as provided herein. Notices and other communications will be addressed as follows: 
 If
to Terra LLC or Terra Operating: 
 TerraForm Power, Inc. 

12500 Baltimore Avenue 
 Beltsville, Maryland 20705 
 Attn: General Counsel 

Facsimile:
                     

If to SunEdison or SunEdison Holdings: 
 SunEdison, Inc. 
 501 Pearl Drive (City of O’Fallon)

 St. Peters, Missouri 63376 

Attn: General Counsel 
 Facsimile:                      
 9. Assignment. Neither party may assign or otherwise transfer this Agreement without the prior written consent of the other party. Notwithstanding the foregoing, each party shall have the right to
assign or otherwise transfer this Agreement, without the prior written consent of the other party, to any of its Affiliates so long as such person remains an Affiliate of such party; provided that, (i) such transferring party shall
provide written notice to the other party of such assignment, and (ii) such assignment shall not relieve the transferring party of its obligations hereunder. 

  
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 10. Successors; No Third Party Beneficiaries. This Agreement will be binding upon the
parties hereto and their respective successors and permitted assigns. The provisions of this Agreement are enforceable solely by the parties to the Agreement and their respective successors and permitted assigns and no other person shall have the
right, separate and apart from the parties hereto, to enforce any provisions of this Agreement or to compel any party to comply with the terms of this Agreement. 
 11. Consent to Jurisdiction and Service of Process. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE
UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR
THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR
PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT
OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES
NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 12. Mutual Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH
PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 
 13. Governing Law. The internal law of the State of New York will govern and be used to construe this Agreement without giving effect to applicable principles of conflicts of law to the extent that
the application of the laws of another jurisdiction would be required thereby. 
 14. Invalidity of Provisions. Each of
the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any
other provision hereof. To the extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any 

  
 6 

 
respect. The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of
which comes as close as possible to that of the invalid or unenforceable provision which it replaces. 
 15. Entire
Agreement. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter set forth herein. There are no warranties, conditions, or representations (including any that may be implied by statute) and there
are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to,
contemporaneous with, or after entering into this Agreement, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent
that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement by reason of any such warranty, representation, opinion, advice or assertion
of fact. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above. 

16. Further Assurances. Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed
or delivered, all such further acts, documents and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be
reasonably within its power to implement to their full extent the provisions of this Agreement. 
 17. Counterparts. This
Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument. 

  
 7 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	SUNEDISON, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SUNEDISON HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	TERRAFORM POWER, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	TERRAFORM POWER OPERATING, LLC
	
	 BY: TERRAFORM POWER, LLC,
         its manager

		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page—Interest Payment Agreement

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