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TerraForm Global files delayed 2016 annual report

Solar farm. Author: Michele Lamberti. License: Creative Commons, Attribution 2.0 Generic.

June 15 (Renewables Now) - TerraForm Global Inc (NASDAQ:GLBL) on Thursday finally filed its delayed Form 10-K for 2016 and reported a fourth-quarter (Q4) revenue of USD 55 million (EUR 49.3m), up by 8% year-on-year.

The table below shows key metrics from TerraForm Global’s Q3 2016 financial report.

Figures Q4 2016 Q4 2015 2016
Net revenue (in USD) 55m 51m 214m
Net profit (loss) (in USD) (60m) (254m) (78m)
MW (net economic ownership) at end of period 919 854 919
Capacity Factor 26.3% 31.1% 26.1%
MWh 574,000 558,000 2,273,000
Adjusted Revenue / MWh 98 93 95
Adjusted Revenue (in USD) 56m 52m 216m
Adjusted EBITDA (in USD) 33m 40m 151m
Adjusted EBITDA margin 58.9% 76.7% 70%
CAFD (in USD) 18m 38m 93m
Unrestricted cash at end of period (in USD) 681m 922m 681m

TerraForm Global and its sister company TerraForm Power Inc (NASDAQ:TERP) were created as yieldcos by bankrupt renewables developer SunEdison (OTCMKTS:SUNEQ). They delayed filing their 2015 annual reports and subsequent quarterly reports because of material weaknesses in the internal controls over financial reporting. The trio shared the same accounting systems.

In March, Canada’s Brookfield Asset Management Inc (TSE:BAM.A) announced it had agreed to become TerraForm Power’s sponsor and controlling shareholder, and also to take over TerraForm Global.

Peter Blackmore, chairman and interim CEO of both yieldcos, said today that TerraForm Global had made significant progress in meeting the closing conditions for its acquisition by the Canadian asset manager.

“Our team remains focused on meeting the outstanding closing conditions, which include the settlement of certain remaining litigation, receipt of certain regulatory approvals and shareholder approval of the transaction,” he said, adding that the transaction is scheduled to close in the second half of the year.

(USD 1.0 = EUR 0.897)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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