|Over a month ago|
TerraForm Power 'well-positioned' to ride out COVID-19 pandemic » 07:0305/1105/11/20
"All-in-all, we believe that TerraForm Power is well positioned to ride out the COVID-19 pandemic crisis given that 95% of our revenue is generated under long-term contracts, over 90% of our PPA offtakers are either investment grade rated or municipalities with investment grade characteristics, our business is less labor intensive than most other industries and our assets are predominantly operational, which mitigates our exposure to supply chain disruptions."
TerraForm Power reports Q1 EPS (24c), consensus (5c) » 07:0205/1105/11/20
Reports Q1 revenue…
Reports Q1 revenue $246.8M, consensus $264.92M. "We continued to make significant progress on the repowerings of our ~160 MW Cohocton and Steel Winds projects in New York. The projects were recently awarded REC contracts by NYSERDA for the incremental production resulting from the repowerings (~25% of the total). These REC contracts have 20 year terms at an attractive price. We also have made substantial progress on the related project agreements and are targeting executing a corporate PPA, the NYSERDA REC contracts, the turbine supply agreement with GE and tax equity agreements in the second quarter of 2020. We remain on track to commence construction in the first half of 2021. While we do not anticipate any delays due to supply chain issues resulting from the COVID-19 pandemic, we continue to actively monitor the situation."
|Over a quarter ago|
TerraForm Power moved to Not Rated at Oppenheimer » 08:4103/1803/18/20
Oppenheimer analyst Colin…
Oppenheimer analyst Colin Rusch is moving TerraForm Power (TERP) to Not Rated after the company announced a definitive merger agreement with sponsor and majority shareholder Brookfield Renewable Partners (BEP). The analyst believes the merger is likely to be approved given Brookfield Renewable's 62% ownership of TerraForm.
Fly Intel: Pre-market Movers » 09:0803/1703/17/20
PCG, REGN, DBI, TERP, LRCX, BAX, LB, MIK, BE, MUX, CNK, CHK
Check out this morning's…
TerraForm Power reports Q4 EPS (36c), consensus (1c) » 06:5403/1703/17/20
Reports Q4 revenue…
Reports Q4 revenue $206.73M, consensus $259.28M. On a same-store basis, TerraForm Power generated Adjusted EBITDA in 2019 of $413M, which was an increase of $7M or 2% compared to 2018. "In 2019, we continued to execute our growth strategy, deploying $440M of equity in accretive acquisitions in North America and Europe, advancing our two repowerings in New York and implementing full scope operations and maintenance contracts with robust performance guarantees for our wind and solar fleets," said John Stinebaugh, CEO of TerraForm Power. "Despite our substantial operational progress, 2019 was a transitional year for TerraForm Power from a financial perspective as these initiatives were phased-in over the course of the year. Going forward, we believe we are well-positioned to reap the full benefits from these initiatives."
Brookfield Renewable to acquire TerraForm Power » 05:1303/1703/17/20
Brookfield Renewable (BEP) and TerraForm Power (TERP) announced that they have entered into a definitive merger agreement for Brookfield Renewable to acquire all of the outstanding shares of Class A common stock of TerraForm Power, other than the approximately 62% currently owned by Brookfield Renewable and its affiliates. Each share of Class A common stock of TerraForm Power will be acquired for consideration equivalent to 0.381 of a Brookfield Renewable unit. For each share of TerraForm Power's Class A common stock held, TERP shareholders will be entitled to receive, at their election, either Class A shares of Brookfield Renewable or limited partnership units of Brookfield Renewable. The Special Committee of the board at TerraForm Power, comprised solely of non-executive, independent directors of TerraForm Power, has unanimously recommended that TERP shareholders approve the transaction. The Special Committee believes the transaction is fair to and in the best interests of TERP and its unaffiliated shareholders. The combined company will be one of the largest publicly-traded, globally-diversified, multi-technology, pure-play renewable power platforms, with total assets of approximately $50 billion and expected annual funds from operations of approximately $1 billion. As previously announced, Brookfield Renewable also intends to make a special distribution of BEPC shares to its unitholders. BEPC is a Canadian corporation and will be listed on the TSX and NYSE. The BEPC shares are structured with the intention of being economically equivalent to a BEP unit, including identical distributions, as and when declared, and will be fully exchangeable at any time, at the shareholder's option, for a BEP unit on a one-for-one basis. As such, offering TERP shareholders the right to elect to receive BEP units or BEPC shares provides them the option of investing in Brookfield Renewable through a partnership or corporate structure. The exchange ratio will proportionally reflect the contemplated special distribution of BEPC shares to Brookfield Renewable unitholders, which we expect to close concurrently with the closing of the transaction. The transaction is subject to, among other things, the non-waivable approval of TERP shareholders representing a majority of the outstanding shares of TERP Class A common stock not owned by Brookfield Renewable and its affiliates. The transaction is also subject to other customary closing conditions and is expected to close in Q3.
Brookfield Renewable to acquire TerraForm Power 05:1103/1703/17/20
Brookfield Renewable upgraded to Neutral from Underperform at Credit Suisse » 06:2403/1203/12/20
Credit Suisse analyst…
Credit Suisse analyst Andrew Kuske upgraded Brookfield Renewable (BEP) to Neutral from Underperform with a price target of C$64, up from C$60, citing the recent market downdraft, a significant impact on much of the hydrocarbon complex and continued declines in risk-free rates. In a research note to investors, Kuske says Brookfield faces a number of thematically positive trends given the firm's large scale and global renewable power generation platform amidst the longer-term de-carbonization of the power system, adding that one near-term potential headwind is the stock split of Brookfield Renewable Power Corporation and those future shares being used for the acquisition of the shares not already owned in TerraForm Power (TERP). The analyst says the stock remains one of the more expensive stocks in his coverage universe, but that the current market environment tends to benefit Brookfield longer-term.
TerraForm Power to delay filing annual report on Form 10-K » 16:5903/0203/02/20
TerraForm Power is unable…
TerraForm Power is unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2019 without unreasonable effort and expense. The company's delay in filing the Form 10-K is due principally to the need for additional time for the company to finalize, and for its independent public accounting firm to complete its audit of, the company's annual financial statements. The company intends to file its Form 10-K within the 15-calendar day period set forth in Rule 12b-25(b) under the Securities Exchange Act of 1934, as amended.
Brookfield Renewable downgraded to Underperform from Neutral at Credit Suisse » 06:0702/0302/03/20
Credit Suisse analyst…
Credit Suisse analyst Andrew Kuske downgraded Brookfield Renewable Partners LP to Underperform from Neutral with an unchanged price target of C$60. The analyst views Brookfield Renewable's performance being largely tied to the proposed purchase of the affiliate TerraForm Power (TERP). He sees the stock as being "very range bound."