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|
|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)