, a yieldcoaffiliated with the bankrupt renewable energy developer , on July 26 providedthe first glimpse of its finances since the third quarter of 2015 as thecompany tries to convince bondholders to waive a notice of default and itssponsor considers selling its stake in the project holding company.
Theyieldco, which relies on SunEdison for its financial reporting, is bondholders to give it until theend of the year to submit financial reports that have been withheld while thecompany evaluates whether control deficiencies at its sponsor impacted its ownresults. SunEdison, in a recent court filing, said there were problems withpre-bankruptcy accounting practices covering intercompany transactions,including with its yieldcos.
Theunaudited financial information TerraForm Power provided showed $523 million inunrestricted cash as of June 30, up from $499 million at the end of 2015. Thecompany estimated that it generated between $58 million and $66 million in cashavailable for distribution during the first quarter, down from $71 million inthe third quarter of 2015, and had a first-quarter net loss of between $32million and $46 million. Its net loss for 2015 was estimated at between $181million and $203 million.
Thecompany's portfolio of wind and solar projects in the U.S., Canada, Chile andthe U.K. stands at 2,987 MW, up from about 1,918 MW in the third quarter of2015.
TerraFormPower, along with SunEdison's other yieldco, TerraForm Global Inc. are believed to account for thevast majority of SunEdison's assets, which were recently valued at up to $1.5billion. A July 20 court filing said SunEdison has total liabilities of $4.56billion.
SunEdisonon July 25 said it isconsidering selling its class B shares in the yieldcos after Brookfield Asset Management Inc. and they are partnering on anoffer to buy out the developer's shares in TerraForm Power.