TerraForm Power reports prelim results through March 2016

First Wind's 51-MW Kaheawa park in Hawaii. Author: Jim Larrison. License: Creative Commons, Attribution 2.0 Generic

TerraForm Power (NASDAQ:TERP), the renewables yieldco with 2,987 MW of wind and solar assets, today revealed preliminary financial performance figures for 2015 and the first quarter of 2016.

As announced earlier, the company is working with SunEdison (OTCMKTS:SUNEQ) to explore potential value creating options for the latter’s interests in the yieldco. “The Company has made no decision to support any particular bidder, structure or transaction,” TerraForm Power said.

The table below contains the preliminary results (in USD) released by the company.

Metric	2015	Q1 2016
Adjusted revenue	467-470 million	151-159 million
Adjusted revenue/MWh	135-136	76-80
Net loss	203-181 million	46-32 million
Adjusted EBITDA	354-364 million	117-125 million
CAFD	224-234 million	58-66 million

The bottom line result in 2015 included a USD-56-million contingent loss related to First Wind prepaid warranty and deposits for asset purchases from SunEdison, acquisition-related costs, and other expenses.

The Q1 result was impacted by amortisation of deferred financing and debt discount, advisory and legal expenses related to SunEdison’s bankruptcy, and acquisition-related costs. Still, the company’s power generation fleet performed better than expected thanks to prudent project cost management and favorable Northeast and Central winds.

About 79% of Terraform Power’s 2,987 MW are located in the USA, 13% are in the UK, 5% in Canada and 3% in Chile.

The company has delayed the filing of its annual report for 2015 because SunEdison identified “material weaknesses in its internal controls over financial reporting”. SunEdison’s two yieldcos share the same accounting systems with their debt-laden parent.

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