Sep 5, 2014 - Recently-listed US renewable energy company TerraForm Power Inc (NASDAQ:TERP) posted on Tuesday a second-quarter net loss of USD 12.4 million (EUR 9.6m) and reaffirmed its guidance for a 2015 net profit of USD 22.4 million.
The firm, which operates as the yield co unit of US solar company SunEdison (NYSE:SUNE), has an initial portfolio including solar projects in the US, Canada, the UK and Chile totalling 808 MW. This includes 189 MW of projects under construction as of July 23 when TerraForm raised about USD 534 million from its initial public offering (IPO). Including USD 65 million from concurrent private placements, the company has raised a total of USD 599 million.
For the three-month period ended on June 30, 2014, TerraForm recorded adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of some USD 20 million. Its second-quarter cash available for distribution (CAFD) amounts to USD 11 million. The results are in line with the company’s expectations, CFO Sanjeev Kumar said in a statement.
The company raised its forecast for 2015 CAFD to USD 127 million from USD 122 million, as drop downs of call right projects from SunEdison are proceeding ahead of schedule.
As for SunEdison’s backlog, it increased to 4.3 GW in the second quarter from 3.6 GW in the first three months of 2014, TerraForm CEO Carlos Domenech noted.
The yield co unit pointed out it is actively pursuing opportunities for merger and acquisition (M&A) transactions.