TerraForm Global files Form 10-Q for Q1 2016

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

A couple of days after finally filing its 2015 annual report, US renewables yieldco TerraForm Global Inc (NASDAQ:GLBL) also submitted its Form 10-Q for the first quarter through March 31, 2016.

“We expect to complete the remaining 2016 filings and regain full compliance by March 2017,” said Peter Blackmore, chairman and interim CEO of TerraForm Global.

TerraForm Global and its sister company TerraForm Power Inc (NASDAQ:TERP) delayed filing their 2015 annual reports and subsequent quarterly reports because of material weaknesses in the internal controls over financial reporting. The two yieldcos and their bankrupt parent, SunEdison (OTCMKTS:SUNEQ), share the same accounting systems.

The following table presents TerraForm Global’s financial results for the first quarter of 2016.

	Q1 2016
MW (net economic ownership) at end of period	890
Capacity Factor	24.5%
MWh	506,000
Adjusted revenue/MWh (in USD)	95
Net revenue (in USD million)	47.7
Adjusted revenue (in USD million)	48
Net profit (loss) (in USD million)	(6.3)
Adjusted EBITDA (in USD million)	34
Adjusted EBITDA margin	70.2%
CAFD (in USD million)	44
Unrestricted Cash at end of period (in USD million)	922