TerraForm Global too targets operational independence by Jan 2017
Ningxia wind farm using Goldwind turbines. Author: Land Rover Our Planet. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
TerraForm Global Inc (NASDAQ:GLBL), one of SunEdison's two yieldcos, today provided estimates for its 2016 performance as it said it expected to be operationally independent by January 2017.
The company has a 947-MW portfolio of wind and solar power plants in seven countries -- Brazil, India, China, South Africa, Thailand, Uruguay and Malaysia -- including a pending 30-MW acquisition in South Africa.
TerraForm Global said key 2016 financial metrics are expected to be in line with management expectations post-SunEdison bankruptcy, with curtailment and turbine outages offset by favorable performance, cost optimisation and currency appreciation.
For 2016, it expects to record a net loss of between USD 11 million (EUR 10.4m) and USD 51 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) are seen at USD 153 million to USD 180 million, while revenue is expected to came in at between USD 215 million and USD 242 million.
The company did not provide an estimate for 2016 cash available for distribution (CAFD) but said it will likely be substantially lower than forecasted pre-SunEdison bankruptcy, affected by the loss of financial and operational support from SunEdison, which is expected to negatively impact 2017 CAFD as well.
TerraForm Global also said the process to explore strategic alternatives, including a merger or sale of its entire business, is ongoing.
The company is working to comply with periodic reporting requirement by Nasdaq's extended deadline of March 2017.