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TerraForm Power posts $11M YOY drop in Q4 adjusted EBITDA

TerraForm Power Inc. on March 8 reported fourth-quarter 2017 adjusted EBITDA of $99.4 million, down from $110.4 million in the same quarter of 2016. Cash available for distribution was negative $4.1 million, compared with CAFD of $7.1 million in the prior-year period.

The company attributed the decreases to unusually low operational costs during the 2016 fourth quarter.

Net loss widened to $141.1 million in the fourth quarter of 2017, from $135.4 million a year ago.

On a full-year basis, TerraForm posted adjusted EBITDA of $443.5 million in 2017, down from $478.9 million in 2016. The decrease was due to the absence of SunEdison Inc. support in 2017.

CAFD also dropped to $87.6 million, or 59 cents per share, in 2017, from $152.3 million, or $1.08 per share, in 2016. The company said the lower CAFD was due to a non-recourse financing of four Canadian solar assets and the timing of non-controlling interest payments.

Net loss widened to $232.9 million, or $1.65 per class A share, in the 12 months ended Dec. 31, 2017, from a loss of $241.5 million, or $1.47 per class A share, in 2016.

Generation totaled 7,167 GWh in 2017, compared with 7,373 GWh in 2016.

TerraForm Power also declared a first-quarter dividend of 19 cents per share, or 76 cents per share on an annualized basis. The company said this represents a 6% increase from the previously announced target dividend of 72 cents per share.