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SunEdison & TerraForm Global In “Active Discussions” For Split

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Financially embattled renewable energy developer SunEdison is in “active discussions” with its second yield-co, TerraForm Global, to sell off its interests in the company.

TerraForm Global, SunEdison’s second yield-co formed to own and operate clean energy power plants in emerging markets, formed in early 2015, published a presentation on its website containing selected and preliminary financial information, including unaudited financial information for the second half of 2015 and the first quarter of 2016.

Of specific importance was TerraForm Global’s ‘Update on the Sale of SunEdison’s Interests in the Company’. According to TerraForm Global, “SunEdison has requested that the Company share confidential information about the Company and take other steps to facilitate the marketing of SunEdison’s interests in the Company, and the Company is considering this request.” Additionally, TerraForm Global explained that it is “in active discussions” with SunEdison “concerning a jointly-supported sales process.”

As of yet, there have been no updates regarding the role of SunEdison’s first yield-co, TerraForm Power.

TerraForm Global raised $675 million in its Initial Public Offering, completed back in early August of 2015. According to the TerraForm Global presentation published this week — which was published at the request of certain of the company’s bondholders, and couched in so much prevarication and expectation management as to give the impression the company was thoroughly unimpressed with having to publish this information — the company finished the second half of 2015 owning 855 MW, with revenues between $79 and $83 million. The company recorded a net loss of between $350 million and $335 million, which included $231 million related to 425 MW worth of projects in India, as well as acquisition and formation costs.

All in all, the company’s management was content with the results.

Preliminary results for Q1’16 saw the company increase its net MW owned to 890 MW, with revenue of between $47 million and $52 million. The company also minimized its net loss to a maximum of $8 million, or as low as no loss at all.

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