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TerraForm Global reports financial results after a year of delay

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TerraForm Global reports financial results after a year of delay

After more than a year of delay, TerraForm Global Inc. on Dec. 21 filed its 2015 financial results as part of its efforts to regain regulatory compliance.

The company reported 2015 fourth-quarter adjusted EBITDA of $40 million, a net loss of $254 million, net operating revenue of $51 million, and cash available for distribution of $38 million.

For the full year 2015, TerraForm Global posted a net loss of $371 million and net operating revenue of $124 million compared to a net loss of $5 million and net operating revenue of $39 million in 2014. The company said that "it did not maintain an effective control environment based on certain identified material weaknesses."

TerraForm Power Inc. and TerraForm Global, both yieldcos of solar developer SunEdison Inc., have identified claims against their bankrupt sponsor in excess of $1 billion and $2 billion respectively.

Earlier this December, TerraForm Power also filed its first financial report in more than a year. The company reported a net loss of $208.1 million in 2015 compared to a loss of $81.9 million a year earlier. TerraForm Power attributed its results to a market slump for energy companies in the second half of 2015, as well as its own "particular" circumstances.

The yieldcos previously announced that they have started exploring strategic options, including a merger or sale of their businesses. In January 2017, TerraForm Global's board of directors is expected to "make a recommendation based on what best serves the interests of the Company and all of its shareholders."