TerraForm Global raises $675 million in IPO

Share

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.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Germany’s balcony PV installations hit 200 MW in H1

19 July 2024 Germany's Federal Network Agency (Bundesnetzagentur) says 220,000 balcony PV systems were installed in the country in the first half of the year, reac...

Share

1 comment

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.