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SunEdison Inc. said Wednesday that it has agreed to give David Einhorn's Greenlight Capital a seat on its board and amend its corporate governance policies following a collapse in the solar-power company's stock price.

Claire Gogel, a former partner at Greenlight Capital, has been appointed an independent director, effective immediately. She will join SunEdison's nominating and corporate governance and investment committees.

The Wall Street Journal reported that the parties were near an agreement over board representation earlier this week.

SunEdison also agreed to amend its bylaws to prohibit the company from issuing equity without a supermajority vote from its board for a period of two years. The change will go into effect after it closes on its planned acquisition of Vivint Solar Inc. Until then, it will consult with Greenlight about equity issuances.

The agreement gives Greenlight a greater say in one of its most problematic investments. SunEdison has slashed jobs, sold assets and raised new debt amid a sharp decline in its share price since July that fueled investor concerns about its liquidity and the durability of its business model.

Shares of SunEdison, down 48% in the past month, added 1.3% in premarket trading.

Liz Hoffman contributed to this article.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

(END) Dow Jones Newswires

January 27, 2016 08:05 ET (13:05 GMT)

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