Exhibit 99.1
terraformlogospowera27.jpg

TerraForm Power Reports 4Q 2016 and Full Year 2016 Financial Results

Schedules Annual Meeting for August 10, 2017

BETHESDA, Md., July 21, 2017 (GLOBENEWSWIRE) -- TerraForm Power, Inc. (Nasdaq: TERP) (“TerraForm Power”), an owner and operator of clean energy power plants, today reported fourth quarter and full year 2016 financial results and filed its Form 10-K for the annual period ended December 31, 2016 with the Securities and Exchange Commission. The Form 10-K is available on the Investors section of TerraForm Power’s website at www.terraformpower.com.

“The filing of our Form 10-K for 2016 is an important milestone for TerraForm Power. In addition, we have made significant progress in meeting the closing conditions for the Brookfield transaction, including the approval of our settlement agreement with SunEdison by the bankruptcy court,” said Peter Blackmore, Chairman and Interim CEO of TerraForm Power. “Our team remains focused on meeting the outstanding closing conditions, which include the receipt of certain regulatory approvals and shareholder approval of the transaction. We continue to expect the transaction to close in the second half of 2017.”

4Q 2016 and FY 2016 Results: Key Metrics

 
4Q 2016
4Q 2015
% change YoY
 
2016
2015
% change YoY
Revenue, net ($M)
$135
$106
28%
 
$655
$470
39%
Net Income / (Loss) ($M)
($135)
($156)
n/a
 
($242)
($208)
n/a
 
 
 
 
 
 
 
 
MW (net) in operation at end of period
2,983
2,931
2%
 
2,983
2,931
2%
Capacity Factor
28.2%
22.9%
+530 bps
 
28.6%
22.3%
+630 bps
MWh (000s)
1,912
1,069
79%
 
7,724
3,462
123%
Adj. Revenue / MWh
$76
$100
-24%
 
$90
$135
-34%
Adj. Revenue ($M)
 $146
$107
36%
 
$692
$467
48%
Adj. EBITDA ($M)
 $112
$72
55%
 
$516
$358
44%
Adj. EBITDA margin
 76.6%
67.1%
 +950 bps
 
74.5%
76.6%
(210) bps
CAFD ($M)
 $84
$23
263%
 
$166
$228
-27%
 
 
 
 
 
 
 
 
Unrestricted Cash ($M) at end of period
$565
$627
-10%
 
$565
$627
-10%


As disclosed in the Company’s Form 10-K for 2016, as of December 31, 2016, 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 2016 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, 2016 include a going concern explanatory note.

Investor Conference Call

The Company will host an investor conference call and webcast to discuss its 4Q and Full Year 2016 results.

Date:            Tuesday, August 1, 2017
Time:             4:30 pm ET
US Toll-Free #:         (844) 464-3938
International #:         (765) 507-2638


The following information was filed by Terraform Power, Inc. (TERP) on Friday, July 21, 2017 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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