TERRAFORM GLOBAL REPORTS 2015 FINANCIAL RESULTS AND FILES FORM 10-K
TerraForm Global, Inc. (Nasdaq:GLBL) (“TerraForm Global” or the “Company”), 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 Global’s website at www.terraformglobal.com and a printed copy of the report may be requested free of charge by sending a request to investors@terraform.com.
“The TerraForm Global board of directors and management team are pleased to complete this milestone as we continue working to regain regulatory compliance,” said Peter Blackmore, Chairman and Interim CEO of TerraForm Global. “We remain committed to achieving our goals of enhancing TerraForm Global’s operational and financial performance and maximizing value for all shareholders.”
Strategic Alternatives
As announced on September 19, 2016, TerraForm Global is currently exploring strategic alternatives including transactions to secure a new sponsor or for sale of the whole company. Working with SunEdison and its stakeholders, the Company has a well-defined process underway with potential bidders. In January 2017, the Company’s Board of Directors expects to make a recommendation based on what best serves the interests of the Company and all of its shareholders including, if appropriate, recommending a transaction for approval by shareholders.
4Q 2015 Results: Key Metrics
| 4Q 2015 | |||
| MW (net economic ownership) at end of period | 854 | ||
| Capacity Factor | 31.1 | % | |
| MWh (000s) | 558 | ||
| Adjusted Revenue / MWh | $ | 93 | |
| Revenue, net ($M) | $ | 51 | |
| Adjusted Revenue ($M) | $ | 52 | |
| Net Income / (Loss) ($M) | ($ | 254 | ) |
| Adjusted EBITDA ($M) | $ | 40 | |
| Adjusted EBITDA Margin | 76.7 | % | |
| CAFD ($M) | $ | 38 | |
| Unrestricted Cash at end of period ($M) | $ | 922 | |
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.
Source:terraformglobal
