Image source: Getty Images.

What happened

Shares of yieldco TerraForm Global Inc (NASDAQ: GLBL) jumped as much as 14.3% on Thursday after rumors of interested buyers of the company heated up. At 3:50 p.m. EDT, shares were still up 12.3%.

So what?

The big rumor today is that BlackRock has considered bidding for TerraForm Power Inc's (TERP) assets, which could mean they might be interested in TerraForm Global as well. Both yieldcos are reportedly shopping either asset sales, or a sale of the entire company to potential buyers. With funds that could potentially want renewable energy assets, BlackRock is a natural bidder for the assets.  

It's important to note that all of this is just rumors today, and until something more concrete comes in, investors have no idea what a buyer may be willing to pay for the company, or its assets.

Now what?

As the more stable entity because of its operating assets, it's likely TerraForm Power's future structure will be worked out first. The company could be selling assets, SunEdison's stake in the company, or even the entire company, which would set a bar for TerraForm Global. What's uncertain about TerraForm Global is the company's international projects, which may have contracts and debt that need to be renegotiated by a buyer. And with no financial filings available right now, it's tough to know what a buyer would pay for the company.

I'm watching the speculation from the sidelines, because it's too difficult to know what a sale could bring, especially for TerraForm Global. And until a TerraForm Power deal gets done, the international yieldco could be blowing in the wind.