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The once ballyhooed yieldcos of now-bankrupt SunEdison, TerraForm Power and TerraForm Global, published their third-quarter earnings earlier this month to mixed response, with lackluster revenue for the quarter leading to both companies posting sharemarket losses. 

Clean Power

TerraForm Power & TerraForm Global Report — Mixed Results In Q3

The once ballyhooed yieldcos of now-bankrupt SunEdison, TerraForm Power and TerraForm Global, published their third-quarter earnings earlier this month to mixed response, with lackluster revenue for the quarter leading to both companies posting sharemarket losses. 

The once ballyhooed yieldcos of now-bankrupt SunEdison, TerraForm Power and TerraForm Global, published their third-quarter earnings earlier this month to mixed response, with lacklustre revenue for the quarter leading to both companies posting share market losses.

The third-quarter earnings comes at the same time as TerraForm Global’s stockholders approved the long-awaited merger with Brookfield Asset Management.

TerraForm Power, originally designed as a yieldco for SunEdison’s US-based wind and solar assets, currently owns more than 2,600 MW (megawatts) of installed capacity, and is sponsored by Brookfield Asset Management. The company’s third quarter was objectively poor, generating 1,378 GWh (gigawatt-hours) for the quarter, down from 1,582 GWh a year earlier, and posting a net loss of $35 million, or a loss of $0.31 per share, up from the $28 million net loss posted in the third quarter of 2016.

Net revenue for the quarter was $153.4 million, down significantly on the $178 million taken in a year ago. This continues a slow year for the company, which has only brought in net revenue of $474.9 million for the nine months through September, compared to $519.3 million year-over-year.

Nevertheless, the company remains hopeful, despite the fact its shares dropped significantly on the back of its third-quarter report.

“We are very excited about the prospects for TerraForm Power,” said John Stinebaugh, CEO of TerraForm Power. “With our high-quality fleet of solar and wind assets and the support of our sponsor, we are confident that we can deliver an attractive total return to our shareholders comprised of a dividend backed by the stable cash flow from our assets and growth that is sustainable over the long term.”

As for TerraForm Global, originally intended to own and operate wind and solar assets globally — and now merged with Brookfield Asset Management, after the move was originally announced earlier this year — it currently owns 919 MW of capacity. The company brought in revenue for the quarter of $67 million, up from $55 million a year ago, but with a significant increase in net loss, growing from only a net loss of $18 million in the third quarter of 2016, to a loss of $37 million this quarter.

Company shares also dropped on the back of the news, but have stabilized since the company announced it had completed the merger agreement with Brookfield Asset Management.

“We are very pleased to announce stockholder approval of the Brookfield transaction,” said Peter Blackmore, Chairman and Interim Chief Executive Officer of TerraForm Global. “We look forward to satisfying the remaining condition to the closing of the merger.”

 
 
 
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