Terraform Power Reports Net Loss for 2015
December 05 2016 - 2:40PM
Dow Jones News
Terraform Power Inc. on Monday reported a net loss of $208
million for 2015, the renewable power plant owner's first financial
report in more than a year as it seeks to disentangle itself from
its bankrupt parent, SunEdison Inc.
The company, a spinoff SunEdison formed to buy some of its power
plants, said in a regulatory filing it is in the process of putting
itself up for sale and has asked bidders to provide firm pricing by
early January 2017, with binding bids shortly thereafter.
The Terraform board will then make a decision and recommend one
of the bids for approval by shareholders.
It disclosed a full-year net loss of $208 million for 2015, on
revenue of $470 million. Net loss attributed to common shareholders
was $80 million, or $1.25 a share. The company had about $627
million of cash as of Dec. 31, 2015.
Before Monday, the company hadn't reported financial results
since Nov. 9, 2015.
For 2016, Terraform has projected a net loss of between $105 and
$145 million, on adjusted revenue of between $697 million and $712
million.
"We are pleased to take this important step toward regaining
regulatory compliance," Peter Blackmore, TerraForm's chairman and
interim chief executive, said in a statement.
The Bethesda, Md.-based company declined to comment beyond
statements it made in its 10-K filing and a press release,
according to a spokesman.
Terraform said in the filing it has had trouble accessing debt
and equity markets since SunEdison filed for bankruptcy last April.
It operates nearly 3,000 megawatts of wind and solar power
generators in the U.S., Canada, the U.K. and Chile.
Terraform said it still relies on SunEdison for operational,
systems and staffing support, among other things.
SunEdison's bankruptcy has caused it some problems, including a
credit agreement on which Terraform defaulted for one of its
renewable energy projects. The company didn't disclose the value of
that agreement. Terraform has signed consent decrees with its
bondholders to avoid defaulting on its outstanding debt.
SunEdison's bankruptcy also led to the loss of $11.3 million for
Terraform in cancellations for residential solar projects.
Shares of Terraform were trading Monday about 2% higher at
$12.66.
Brookfield Asset Management and Appaloosa Management offered
last month to buy Terraform for $13 a share, or about $1.8
billion.
Terraform hasn't commented on the offer.
Write to Cassandra Sweet at cassandra.sweet@wsj.com
(END) Dow Jones Newswires
December 05, 2016 14:25 ET (19:25 GMT)
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