The initial public offering (IPO) of SunEdison’s TerraForm Power yield co has exceeded expectations, according to the company.
TerraForm Power received US$535.5 million from the initial public offering (IPO) as well as US$65 million from the sale of stock in private placements.
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The company also closed a US$140 million revolving credit facility and a US$300 million term loan facility.
TerraForm has used some of the net proceeds of US$436.2 million plus additional finance from a new loan facility to repay outstanding debts and related fees from its bridging loan as well as US$47 million of project-related debt.
A further US$86 million will be used for further acquisitions and payments related to projects included in TerraForm’s original portfolio from SunEdison.
A total US$194.4 million remaining with TerraForm will be used for general corporate purposes, which “could include” project acquisitions from SunEdison as well as unrelated third-parties.
The yield co model is becoming the increasingly attractive to investors and renewable developer’s alike. NextEra raised US$400 million from its own yield co’s IPO earlier this month.
