Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

TerraForm Power Holds Steady During First Year With Brookfield Backing

Formerly the crown jewel in the SunEdison renewable energy portfolio, yieldco-turned-renewable power company TerraForm Power has reported steady financial results in its first year with backing from Brookfield Asset Management. 

Formerly the crown jewel in the SunEdison renewable energy portfolio, yieldco-turned-renewable power company TerraForm Power has reported steady financial results in its first year with backing from Brookfield Asset Management.

TerraForm Power published its Fourth Quarter and Full Year 2017 financial results late last week, and while no one was blown away by its accomplishments, the company is nevertheless finding its feet after what was, by any definition, a rocky start to life. Set up as a yieldco by renewable energy industry darling SunEdison during the “yieldco craze” of 2014 and 2015, TerraForm Power (and its sister yieldco, TerraForm Global) soon found themselves caught up in the bankruptcy crisis that hit SunEdison in late-2015 and early-2016.

To cut a long story short, Brookfield Asset Management stepped into the picture in late-2016/early-2017 and acquired controlling interest of TerraForm Power and acquired outright TerraForm Global, providing a much-needed opportunity for Power to right its ship.

“Since the close of the Brookfield transaction, we have made significant progress transforming TerraForm Power into a fully-integrated, renewable power company,” explained John Stinebaugh, CEO of TerraForm Power. “Going forward, our strategy is to make value-oriented acquisitions, leverage our operating platform to increase cash flow of our assets, and maintain a strong balance sheet in order to deliver an attractive total return to our shareholders.”

TerraForm Power reported 2017 operating revenues of $610 million, down only slightly (6.7%) year-over-year, and a net loss per share of $1.65 (or $233 million overall). EBITDA for 2017 was $443 million, down $36 million due primarily to the absence of support from SunEdison throughout the year. The company reported total generation for the year across its portfolio of wind and solar assets of 7,167 gigawatt-hours (GWh), down slightly from 7,373 year-over-year.

The company also highlighted its recent move to acquire controlling interest in leading European renewable energy asset manager Saeta Yield, with an offer approximately worth $1.2 billion. The move, made early last month, seeks to acquire what TerraForm Power describes as “a portfolio of high quality solar and wind projects located primarily in Spain.”

TerraForm Power provided little forward-looking guidance except to say that recent changes in the company’s financial reporting will result in less seasonality. In the earnings call, John Stinebaugh also noted that its “tender offer for all of the outstanding shares of Saeta is expected to be completed in the second quarter of 2018 subject to certain closing conditions, including obtaining regulatory approvals.” He also predicted an approximate $0.10 per watt increase to module pricing in 2018 due to the recent imposition of a tariff on imported solar modules and cells in the United States.


Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Clean Power

The Indian subsidiary of Finnish utility Fortum has joined the long queue of Indian solar power developers looking to sell their assets. According to...

Clean Power

Leading Indian renewable energy developers are facing a liquidity crunch due to the COVID 19-induced nationwide lockdown and increased competition from emerging players. The...

Green Economy

Sensing a golden opportunity to acquire a stake in leading renewable energy companies in India, Canadian investors are readying nearly a billion dollars.

Clean Power

One of the worst fears of the leading wind energy company in India has come true. For years, Suzlon Energy had been flirting with...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.