TerraForm Power files Form 10-Q for Q1 2016

Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.

Having finally submitted Form 10-K for 2015 a couple of days ago, TerraForm Power Inc (NASDAQ:TERP) on Tuesday also filed its Form 10-Q for the quarterly period ended March 31, 2016.

The financial results for the period are available in the table below.

	Q1 2016	Q1 2015	YoY Change (%)
MW (net) in operation at end of period	2,977	1,675	78%
Capacity Factor	30.9%	20.8%	1,010 bps
MWh	2,072	602	244%
Adj. Revenue per MWh (in USD)	78	124	-37%
Net Revenue (USD million)	154	71	118%
Adj. Revenue (USD million)	162	75	116%
Net Profit (Loss) (USD million)	(34)	(84)	--
Adj. EBITDA (USD million)	120	52	130%
Adj. EBITDA margin	74.5%	69.8%	460 bps
Cash flows from operations (USD million)	(35)	(11)	--
Unrestricted Cash at end of period (USD million)	603	153	293%

TerraForm Power and sister company TerraForm Global Inc (NASDAQ:GLBL), both of which are yieldcos created by bankrupt renewables developer SunEdison (OTCMKTS:SUNEQ), delayed filing the reports because of material weaknesses in the internal controls over financial reporting. The three companies share the same accounting systems.

Peter Blackmore, chairman and interim CEO of TerraForm Power, said in a statement that the reporting of the company’s first-quarter results further shows progress toward regaining regulatory compliance.

“We plan to complete the remaining 2016 filings and regain full compliance by March 2017," he added.

(USD 1.0 = EUR 0.932)

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