TerraForm posts USD-4m loss in Q3, lifts 2015 CAFD forecast

Nov 6, 2014 - US renewables yieldco TerraForm Power Inc (NASDAQ:TERP) yesterday posted an attributable loss of USD 4 million (EUR 3.2m) for the third quarter of 2014 and lifted its cash available for distribution (CAFD) guidance for 2015.

US solar company SunEdison (NYSE:SUNE) established TerraForm earlier this year to own and operate clean power plants. The subsidiary, which listed on Nasdaq in July, has solar projects in the US, Canada, the UK and Chile in its portfolio. It aims at a 2015 net profit of USD 22.4 million.

TerraForm’s CAFD, a non-GAAP measure of the firm’s ability to generate cash to service its dividends, climbed to USD 30 million in the third from USD 11 million in the second. It revised up its 2015 CAFD forecast to USD 156 million from USD 127 million previously.

For the July-September period, the SunEdison yieldco unit reported adjusted earnings before interest, tax, depreciation and amortisation of some USD 47 million, more than doubling from USD 20 million in the prior three-month period. Revenue rose by 154% quarter-on-quarter to USD 56 million.

(USD 1.0 = EUR 0.799)

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