TerraForm Power Announces Reports 2015 Financial Results and Files Form 10-K
BETHESDA, Md., Dec. 5, 2016 (GLOBENEWSWIRE) -- TerraForm Power, Inc. (Nasdaq: TERP) (“TerraForm Power”), a global owner and operator of clean energy power plants, today reported 2015 financial results and filed its Form 10-K for 2015 with the Securities and Exchange Commission. The Form 10-K for 2015 is available on the Investors section of TerraForm Power’s website at www.terraformpower.com and a printed copy of the report may be requested free of charge by sending a request to TerraForm Power at 7550 Wisconsin Ave., 9th Fl., Bethesda, MD 20814.
“We are pleased to take this important step toward regaining regulatory compliance,” said Peter Blackmore, Chairman and Interim CEO of TerraForm Power. “Our board of directors and management team continue to take actions to strengthen TerraForm Power and position it for success. We remain committed to maximizing value for all shareholders.”
As announced on September 19, 2016, TerraForm Power is exploring strategic alternatives. Working with SunEdison and its stakeholders, the Company has a well-defined process and timeline and has asked bidders to provide firm pricing by a defined date in early January 2017, with binding bids due shortly thereafter. The Company’s board of directors will then consider binding bids and, if appropriate, recommend one of the bids for approval by shareholders.
4Q 2015 and FY 2015 Results: Key Metrics
% change YoY
% change YoY
MW (net) in operation at end of period
Adj. Revenue / MWh
Revenue, net ($M)
Adj. Revenue ($M)
Net Income / (Loss) ($M)
Adj. EBITDA ($M)
Adj. EBITDA margin
Unrestricted Cash ($M) at end of period
As previously disclosed in the Company’s current reports on Form 8-K and described more fully in the Form 10-K for 2015, as of December 31, 2015, the Company did not maintain an effective control environment based on certain identified material weaknesses. Notwithstanding such material weaknesses, our management concluded that our consolidated financial statements in the Form 10-K for 2015 present fairly, in all material respects, the Company’s financial position, results of operations and cash flows as of the dates, and for the periods presented, in conformity with generally accepted accounting principles. The audited financial statements for the year ended December 31, 2015 include a going concern explanatory note.
Investor Conference Call
We will host an investor conference call and webcast to discuss our 4Q 2015 and FY 2015 results.
Date: Thursday, December 15
Time: 4:30 pm ET
The following information was filed by Terraform Power, Inc. (TERP) on Monday, December 5, 2016 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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Ticker: TERP CIK: 1599947 Form Type:10-K Annual Report Accession Number: 0001599947-16-000244 Submitted to the SEC: Mon Dec 05 2016 6:11:18 AM EST Accepted by the SEC: Mon Dec 05 2016 Period: Thursday, December 31, 2015 Industry: Electric Services