November 12 (Renewables Now) - TerraForm Power Inc (NASDAQ:TERP), a US-based renewable power producer with over 4 GW of wind and solar assets, saw its third-quarter net loss expand to USD 62 million (EUR 56.2m) but registered an improvement in cash available for distribution (CAFD).
Although the company’s CAFD rose to USD 48 million from USD 46 million, its net loss widened from USD 19 million in the third quarter of 2019, it said on Monday. It attributed the higher CAFD mainly to the increased contributions from solar renewable energy certificate incentives, savings in power plants’ operation and maintenance (O&M) and higher generation from wind farms in Spain.
TerraForm Power, controlled by Canada’s Brookfield Asset Management Inc (TSE:BAM.A), closed the third quarter with adjusted revenues of USD 260 million, down from USD 268 million a year before. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), declined to USD 195 million from USD 197 million.
A dividend of USD 0.2014 per Class A share will be distributed on December 2.
More details about TerraForm's results in Q3 and the first nine months of 2019 are in the table below.
|Amounts in USD million, unless otherwise noted||Q3 2019||Q3 2018||9mo 2019||9mo 2018|
|Total generation (GWh)||2,063||2,006||6,912||5,875|
|Net profit (loss)||(62)||(19)||(115)||(123)|
|Earnings (loss) per share||(0.26)||(0.16)||(0.32)||0.16|
|CAFD per share||0.23||0.22||0.66||0.58|
In the reporting period, the company covered the O&M of around 1 GW of solar assets, which excludes the roughly 320-MW portfolio of distributed generation (DG) assets it purchased from AltaGas Ltd (TSE:ALA), with a 10-year framework agreement with SMA Solar Technology. It also said it had made progress in its wind repoweing projects. The 320-MW deal with AltaGas was finalised in September.
TerraForm Power says on its website it owns 3,737 MW of renewables capacity, including 2,447 MW in the US. The rest of the company’s assets are spread across Canada, Spain, Portugal, Chile, Uruguay and the UK. In the third quarter, those power plants produced 2,063 GWh of electricity, which was around 9% lower than the company’s long-term average but up from 2,006 GWh in the year-ago period. The period was marked by lower availability in North America, mainly in the Central and Texas wind portfolios, as well as lower winds in Hawaii.
(USD 1.0 = EUR 0.907)