TerraForm Power Reports Third Quarter 2018 Results


NEW YORK, Nov. 08, 2018 (GLOBE NEWSWIRE) —

TerraForm Power, Inc. (Nasdaq: TERP) (TerraForm Power) today reported financial results for the three months ended September 30, 2018. 

Recent Highlights Successfully commissioned the battery energy storage replacement project in Hawaii on budget and ahead of schedule Commenced implementation of GE long-term service agreements (LTSAs) for 1.6 GW North American wind fleet, which we expect will deliver significant cost savings, improve performance of fleet to our long-term expectation, and further increase our wind output through deployment of GEs proprietary technology Progressed solar performance improvement plan by implementing remediation plans that are expected to increase revenue by $7.5 million Closed project financing of certain unencumbered assets in North America yielding net proceeds of ~$77 million Closed a 50 million upfinancing of the Montegordo wind farm in Spain, yielding net proceeds of 12 million Renegotiated terms of $600 million corporate credit facility and cancelled Saetas corporate credit facility yielding $3 million of annual savings Declared a Q4 2018 dividend of $0.19 per share, implying $0.76 per share on an annual basis With contribution from our European platform for a full quarter, Terraform Powers results demonstrate the benefits of its diversified asset base, said John Stinebaugh, CEO of TerraForm Power. In the past year, we have made significant strides to extract additional cash flow from our existing portfolio of assets. As we look forward, we are turning our focus to deploying capital to grow our business through organic growth opportunities and add-on acquisitions. Results …

[Read on via official release]

Source: US SEC
View full document: