TerraForm Power Inc., which is trying to disentangle itself from bankrupt parent company SunEdison Inc., reported Tuesday a sharply narrower loss for the first three months of the year.

The renewable power plant company—which on Monday updated results through Dec. 31, 2015, in its first financial report in more than a year—said it intends to release the rest of its financial reports by March.

Shares, up 1.7% this year, rose 1.6% to $13 in after-hours trading.

The SunEdison spinoff operates nearly 3,000 megawatts of wind and solar power generators in the U.S., Canada, the U.K. and Chile.

TerraForm, which still relies on SunEdison for much of its operations, has been financially strained since SunEdison filed for bankruptcy.

Last month, Brookfield Asset Management and Appaloosa Management offered to buy TerraForm for $13 a share, or about $1.8 billion.

TerraForm hasn't commented on the offer. On Monday, it said it was in negotiations with a preferred bidder to sell its solar power plants in the U.K. and outlined a time frame for bids.

For the first three months of the year, it lost $33.5 million, compared with $83.7 million a year earlier, as operating revenue more than doubled to $153.9 million.

The company is scheduled to hold an investor conference call on Dec. 15.

The company lost $208 million in 2015 and has projected a net loss this year of $105 million to $145 million.

Cassandra Sweet and Peg Brickley contributed to this article.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

December 06, 2016 19:55 ET (00:55 GMT)

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