TerraForm Global raises $675 million in IPO


Combined with $67.5 million raised through Class A Common Private Placement, $810 million in senior notes and $685.9 million in cash on its balance sheet, the Maryland-based yieldco will have funds totaling $2.2 billion. They will be used to repay its $462.5 million bridge facility, project debt worth $871.5 million, fees and expenses totaling $144.7 million, and $759.7 million in pending acquisition considerations.

Originally, TerraForm intended to offer 56.6 million shares for between $19 and $21 each. However, in a regulatory filing last Friday, the yieldco revised down both the number of shares and their price. It will trade under the symbol GLBL. J.P. Morgan and Barclays managed the offering

Overall, the yieldco has 42 solar, wind and hydro power projects spanning Asia, Africa and Latin America totaling more than 1.4 GW, of which 987.8 MW are operational. Its solar projects are located in China, India, South Africa, Honduras, Uruguay, Malaysia and Thailand.

TerraForm expects all its renewable projects to generate $231.5 million of cash available for distribution for the year ending December 31, 2016.

Last July, yieldco, TerraForm Power, also a subsidiary of SunEdison, went public on the NASDAQ stock exchange. Priced at $25 per share with 23 million shares including underwriters’ options, this brought the company $533 million in net proceeds.