TerraForm Power Inc. plans to offer an undisclosed amount of class A common shares in an underwritten public offering, subject to market conditions, for working capital and general corporate purposes.
The company expects to grant the underwriters a 30-day period to purchase additional common shares, according to an Oct. 3 news release. The underwriters may offer the shares from time to time in one or more transactions.
An affiliate of Brookfield Asset Management Inc. will purchase $50 million of TerraForm Power shares in a concurrent private placement at a price equal to what the underwriters paid in the public offering. The private placement is subject to the completion of the public offering and the receipt any applicable regulatory approval.
RBC Capital Markets is acting as sole book-running manager for the public offering.
Brookfield Asset Management is TerraForm Power's sponsor.
