June 12 (Renewables Now) - TerraForm Power Inc (NASDAQ:TERP) said on Monday it has raised USD 650 million (EUR 551m) to support the financing of its acquisition of fellow renewables yieldco Saeta Yield SA (BME:SAY).
TerraForm Power has issued about 61 million shares to certain affiliates of its Canada-based sponsor Brookfield Asset Management Inc (TSE:BAM.A). Its total shares outstanding now amount to 209.1 million.
It was announced last week that the US-based yieldco has secured a 95.28% stake in Saeta Yield through its tender bid of USD 12.20 per share. The acquisition of the Spanish firm will bring in a 1-GW portfolio of wind and solar capacity and will be highly accretive to TerraForm Power shareholders, the buyer said previously.
(USD 1.0 = EUR 0.848)