TerraForm Buys 168 Megawatts From SunEdison in First Quarter

(Bloomberg) — TerraForm Power Inc., the company that owns

and operates power plants mainly built by parent SunEdison Inc.,

purchased 168 megawatts of capacity in the first quarter for

about $110 million.

SunEdison sold distributed-generation plants in the U.S.

totaling 15 megawatts and 11 utility-scale solar farms in the

U.K. with 153 megawatts, Beltsville, Maryland-based TerraForm

said Tuesday in a statement.

The solar projects, all of which have been installed, are

expected to generate about $17 million for investors this year,

according to the statement. TerraForm reiterated its 2015

forecast of $214 million in cash for distribution and a dividend

of $1.30 a share.

TerraForm raised about $577 million in its July initial

public offering as one of a growing number of so-called

yieldcos, which allow developers to generate lower-cost capital

to fund additional projects.

TerraForm said in a separate statement Tuesday that it’s

connected to the grid four solar farms in North Carolina with a

combined output of 26 megawatts. Duke Energy Corp. is buying the

power under a 15-year contract. Terms weren’t disclosed.

To contact the reporter on this story:

Justin Doom in New York at

jdoom1@bloomberg.net

To contact the editors responsible for this story:

Reed Landberg at

landberg@bloomberg.net

Will Wade, Robin Saponar

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us