hasterminated a deal to acquire the Espra hydroelectric plant in Brazil by payinga $10.0 million fee to Renova Energia SA, the company said in a Form 8-K filedApril 1.
The acquisitionwas part of a broader deal involving the hydro facility and the Salvador andBahia wind farms, also located in Brazil. The wind farm acquisition wascompleted in September 2015 for $116.7 million in cash and 20,327,499 class Ashares to Renova Energia.
Thewind farms have a combined generation capacity of 294.4 MW.
Esprawas expected to contribute $4.0 million to $5.0 million to TerraForm Global'scash available for distribution on an annual basis. The yieldco now plans touse funds, that would otherwise have been used to acquire Espra, for generalcorporate purposes.
Inseparate news, lenders have agreed to give TerraForm Global until April 30 tofile its financial statements with their representative Goldman Sachs Bank USA.TerraForm Global delayed the filing of its Form 10-K with the SEC toinvestigate the same deficiencies that impacted the annual filings of SunEdisonand its sister company TerraFormPower Inc.
TheSunEdison management is seeking time to address "" in itsinternal controls over financial reporting, which they say arises fromdeficient information technology controls in newly implemented systems.TerraForm Power is also assessing the same issue.
Becauseof the delay, NASDAQ has informed TerraForm Global that it is no longer incompliance with its rules and has until May 31 to submit a plan elaborating howit plans to regain compliance.