TerraForm Power Inc. moved one step closer to completing its merger and sponsorship transaction with affiliates of Brookfield Asset Management Inc., after its shareholders approved the deal Oct. 6.

In addition to stockholders, a majority of the company's shareholders, excluding Brookfield, SunEdison Inc. and their respective affiliates, approved the transaction. All closing conditions have been satisfied, and TerraForm Power expects to close the deal Oct. 16.

The stockholders have until 5 p.m. ET on Oct. 12 to elect the form of consideration they would like to receive in connection with the deal. Upon the closing of the merger, stockholders will be entitled to either receive $9.52 in cash or retain one share of TerraForm Power's class A common stock for each class A share owned immediately prior to the merger.

Also on Oct. 6, TerraForm Power formally declared a special cash dividend of $1.94 per class A share, payable to stockholders of record Oct. 16, immediately prior to the effective time of the merger.