The 8.2MW Alamosa project in Colorado. Credit: TerraForm Power.
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
The USA solar pipeline hit 9.8 GW in August 2019, according to market analysts, Wood Mackenzie so what does this mean for the solar sector moving forward? Are module shipments constrained? Have manufacturers raised prices for late-comers? What impact will this have on 2020 projects and what can we expect for the ITC negotiations? These questions and more will be discussed in this informative, free webinar. - With almost 10 GW of solar pipeline, how is this affecting the supply chain and cost for panels? - How likely is it that the ITC will be renewed, what trends are emerging in terms of beating the step down? - How helpful are emerging trends and technologies (e.g. bifacial panels, floating solar, data aggregation and management) in helping to beat the ITC step down? - Trade wars: what impact did section 201 have on the market, and what could we expect moving forward This webinar acts as a primer for the Solar & Storage Finance Summit which takes place on 29 & 30 October in New York City.
Understanding bifacial’s true potential: technology innovation and technical bankability of bifacial
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