On the morning of July 18th, shares of SunEdison’s new yieldco subsidiary began trading on the NASDAQ under the symbol TERP. TerraForm Power held an initial public offering of 20 million shares at US$25 per share, representing $500 million in gross proceeds.
This is the third yieldco to hold solar assets to go public in slightly more than one month, following IPOs for Abengoa Yield and NextEra Energy Partners. TerraForm Power represents the largest solar portfolio of the three at 808 MW.
SunEdison has been very clear about the beneficial economics of holding projects upon completion as opposed to selling them. The company says that it has dedicated its more profitable assets to TerraForm Power, including 135 MW of distributed projects in the United States and Canada.