Renewable

March 15 (Renewables Now) - TerraForm Power Inc (NASDAQ:TERP) on Thursday reported a reduced net loss of USD 153.3 million (EUR 135.4m) for 2018, mainly thanks to the contribution of Spanish peer Saeta Yield SA, which the US renewables company acquired last year.

TerraForm Power’s net loss in 2018 contracted from USD 236.3 million in 2017, even as adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) improved to USD 590 million from USD 438 million. Cash available for distribution (CAFD) increased to USD 126 million from USD 88 million.

The yieldco noted that the Saeta Yield contribution was offset by a drop in North American wind power production, which was below average levels due to transmission system maintenance and related pricing dynamics, as well as a turbine downtime increase following an acceleration of its blade inspection and repair programme. Meanwhile, the performance of solar and regulated platforms was in line with guidance.

At the end of 2018, TerraForm Power owned and operated more than 3,700 MW of wind and solar assets, mainly in the US and Europe. The generation of those plants last year was 8,088 GWh, up from 7,167 GWh in 2017.

The following table contains more details on TerraForm's financial performance.

“During 2018, we made significant progress building the foundation to transform TerraForm Power into a fully-integrated renewable power company [..],” said CEO John Stinebaugh. He added that this year, the company will proceed with investments in repowering projects and the pursuit of other growth opportunities.

The yieldco invested around USD 28 million in organic growth initiatives in 2018 and expects to get a return on equity of around 19%. Among the investments is the acquisition of solar assets, solar expansion projects and a battery storage scheme in Hawaii. The acquisition of Saeta Yield and its 1,000 MW portfolio of wind and solar assets was completed in June 2018. 

(USD 1.0 = EUR 0.883)