Originally published on Solar Love.
SunEdison has revealed that the IPO for its newest endeavour, TerraForm Global, raised $675 million for the new company.
Originally announced back in May, TerraForm Global is SunEdison’s “emerging markets yieldco subsidiary,” which will be “formed to own and operate contracted clean power generation assets in attractive, high-growth emerging markets.” SunEdison made available 45 million Class A shares on the NASDAQ stock exchange on July 31, sold at $15.00 per share, and representing total proceeds of $675 million.
Though the share price has since fallen from the original $15, reports are that TerraForm Global raised the planned $675 million — in addition to a further $67.5 million raised through Class A Common Private Placement.
TerraForm Global intends to use its new proceed, in addition to an existing $810 million in senior unsecured notes, to repay all outstanding indebtedness under its bridge facility, pay pending acquisition consideration, repay project-level indebtedness, and for general corporate purposes.
TerraForm Global announced back in July that it intends to offer, by way of a private transaction, up to $800 million in green bonds, or more accurately, “aggregate principal amount of senior notes due 2022.” Proceeds from the sale are intended to fund, in whole or in part, renewable energy projects.
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