Brookfield acquisition on track, says TerraForm Power

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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

Read Next

November 25, 2021
Assurance and risk management provider DNV is acquiring cyber security firm Applied Risk as it looks to build a security practice focused on defending industrial assets against emergent cyber threats.
November 24, 2021
The US International Trade Commission has recommended that the Section 201 safeguard tariffs on solar cells and modules be extended.
PV Tech Premium
November 24, 2021
PV Tech Premium speaks with ADT's customer chief to discuss the company's acquisition of Sunpro Solar and its residential solar growth strategy
November 22, 2021
With operational solar assets in certain markets advancing in years, the question about when and under what circumstances to repower them is becoming increasingly common. Alice Grundy looks at the key drivers behind repowering PV.
November 22, 2021
German energy company RWE is selling solar EPC and O&M service provider Belectric to Czech utility CEZ, Germany's federal competition authority has revealed.
November 19, 2021
Investment bank Macquarie is acquiring a 90% interest in French independent solar power producer Apex Energies Group from a consortium of investors.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal