October 4 (Renewables Now) - TerraForm Power Inc (NASDAQ:TERP), the renewable power producer with over 4 GW of wind and solar assets, plans to launch an offering of common stock, as well as a concurrent private share placement of USD 50 million (EUR 45.5m).
New York-based TerraForm plans to use the raised funds to support its working capital and for general corporate needs.
As part of an underwritten public offering, the company will offer shares of its Class A common stock, it said on Friday without specifying the size of the deal. The underwriters of the transaction, which is subject to market conditions, will be given a 30-day option to purchase additional shares of common stock.
Subject to the completion of the initial offering and the receipt of all needed regulatory approvals, an affiliate of Canada’s Brookfield Asset Management Inc (TSE:BAM.A), TerraForm’s sponsor, will buy USD 50 million of TerraForm’s common stock. The shares will be sold at the same price paid by the underwriters in the first offering.
RBC Capital Markets will serve as the sole book-running manager for the sale.
(USD 1.0 = EUR 0.910)