(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.
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Reed Landberg at
Will Wade, Robin Saponar