TerraForm Power raises USD 650m to fund Saeta buy

Wind turbines in Spain. Author:Santi VillamarĂ­n.

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)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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