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TerraForm Power, Inc. Reports Fourth Quarter 2014 Financial Results
|||Generates Cash Available for Distribution (CAFD) of $17 million in Q4|
|||Q4 dividend increase of 20%, $1.08 per share on an annualized basis|
|||Grows portfolio to 1.5 GW and doubles drop down inventory to 3.3 GW with First Wind acquisition|
|||Reaffirms 2015 CAFD guidance of $214 million and dividend guidance of $1.30 per share|
Bethesda, MD, Feb. 18, 2015 (GLOBENEWSWIRE) TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, today reported fourth quarter 2014 financial results and reaffirmed its 2015 guidance.
TerraForm Power completed the year with strong operational and financial performance said Carlos Domenech, Chief Executive Officer. During the quarter, we delivered on our growth strategy by executing accretive third-party acquisitions, accelerating drop downs, and doubling our drop down inventory. As a result, we are pleased to deliver a 20% dividend increase to our shareholders this quarter. Given this significant momentum and the current run rate of our 1.5 GW portfolio, we believe we are well positioned to execute on our 2015 guidance and long-term growth trajectory.
Q4 Financial Results
TerraForm Power reported revenue of $43 million, adjusted EBITDA of $34 million, and CAFD of $17 million in the fourth quarter, reflecting the positive impact of acquisitions and drop downs during the quarter. These figures are consistent with expected seasonality in the production of solar energy during the fall and winter months in North America.
Q4 Dividend Increase
On December 22, 2014, TerraForm Power announced that its Board of Directors declared a fourth quarter dividend for TerraForm Powers Class A common stock of $0.27 per share, or $1.08 per share on an annualized basis. This reflects a 20% increase from the third-quarter dividend of $0.2257 per share, or $0.90 per share on an annualized basis. The dividend is payable on March 16, 2015 to shareholders of record as of March 2, 2015.
Third Party Acquisitions
On November 4, 2014, TerraForm Power completed the purchase of the operating portfolio of Hudson Energy Solar Corporation. This added approximately 25 MW of solar power plants to the Companys portfolio.
On December 18, 2014, TerraForm Power completed the acquisition of approximately 78 MW of distributed generation solar power plants from the Capital Dynamics U.S. Solar Energy Fund, L.P.
In addition, on January 29, 2015, TerraForm Power and SunEdison completed the acquisition of First Wind Holdings, LLC. This transformative transaction diversified TerraForm Powers operating portfolio by adding 521 MW of contracted wind and solar power plants to its generation fleet. Following the First Wind acquisition, TerraForm Powers drop down inventory totaled 3.3 GW. This represents a doubling of the call right list since the Companys third quarter 2014 earnings announcement (1.6 GW), and a tripling of the call right list since its July 23, 2014 initial public offering.
Accelerated Q4 Drop Downs
On November 4, 2014, TerraForm Power completed the drop down of 50 MW of solar power plants in the United Kingdom from SunEdison. Further, the Company also completed the drop down of an additional 26 MW of U.S. distributed generation power plants in the fourth quarter. These transactions illustrate strong execution of drop downs on an accelerated basis from SunEdison.
The following information was filed by Terraform Power, Inc. (TERP) on Wednesday, February 18, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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