TerraForm Power says CAFD to suffer in 2016, 2017

TerraForm Power Inc (NASDAQ:TERP), one of SunEdison’s two yieldcos, today guided for a 2016 net loss of between USD 105 million (EUR 99m) and USD 145 million and said it aims to be operationally independent by January.

The company did not provide an estimate for full-year cash available for distribution (CAFD), but said it is expected to be “substantially lower” than forecast before the bankruptcy of SunEdison (OTCMKTS:SUNEQ) because of the loss of financial and operational support from the latter, higher debt service costs and other factors. Such developments are seen to also affect 2017 CAFD.

TerraForm Power is moving towards a stand-alone entity and it is still exploring strategic alternatives, advised by Morgan Stanley, Centerview and Sullivan & Cromwell. No decision has been made yet. The forecast presented today is in the table:

Of TerraForm Power’s total wind and solar capacity, 2,364 MW are in the USA, 376 MW in UK, 145 MW in Canada and 102 MW in Chile.

(USD 1 = EUR 0.94)

Choose your newsletter by Renewables Now. Join for free!