Brookfield acquisition on track, says TerraForm Power

Facebook
Twitter
LinkedIn
Reddit
Email
The 8.2MW Alamosa project in Colorado. Credit: TerraForm Power.

TerraForm Power has confirmed that its acquisition by Brookfield remains on track.

The company said a number of pre-conditions for the deal, including the sale of its UK portfolio, had now been concluded.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The former SunEdison-sponsored yieldco provided the update in a conference call as it posted slightly disappointing numbers for 2016 and narrowed its guidance for 2017.

The firm pointed to a number of factors hitting 2016’s revenue of US$655 million, in particular weak power prices in Texas for its near 400MW of wind assets, operational losses in its solar fleet and below average solar irradiation. Adjusted revenue per MWh of generation fell from $135 in 2015, to $90 in 2016.

Revenue guidance for 2017 has been put at US$590-610 million.

“In 2016, our fleet performed only slightly below our expectation despite the Chapter 11 filing of our sponsor company,” said Peter Blackmore, CEO, TeraForm Power in the firm’s analyst call. “So during the year we achieved revenue just 2% below the midpoint of our estimated range due in part to wind and solar resource that was slightly below the long-term average.”

TerraForm executives also stressed that the main focus of the company now was to ensure the completion of the acquisition by Brookfield.

“We've successfully navigated many obstacles and while certain challenges remain, TerraForm Power is now in a much stronger position,” said Becky Cranna, CFO, TerraForm Power. “We'll continue to work diligently to meet the remaining closing conditions for the Brookfield transaction and look forward to a brighter future with a strong sponsor for TerraForm Power,” she added.

Bookfield will also take a controlling stake in TerraForm Global, which focuses on emerging market investments.

Transcript of conference call provided by SeekingAlpha

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA