SunEdison's Yieldco Goes Public

Last week, SunEdison (Nasdaq: SUNE) spun off its much anticipated yieldco in an IPO, trading under TerraForm Power (Nasdaq: TERP).

Opening at $25 per share, today’s price is $32. 

The IPO raised about $530 million and holds SunEdison’s portfolio of operating solar PV projects across the world. The 808 megawatts (MW) of projects are SunEdison’s most profitable and  include important utility-scale plants: Amanecer in Chile (101 MW) and Mount Signal Solar in southern California (266 MW) – the largest PV plant in the world. Most of the others are in the US, with some in the UK and Canada. 

Going forward, Terraform will have 1.1 gigawatt of projects as those in the pipeline come online in the next year or two.

Mount Signal:

Solar Mount Signal

SunEdison actually invented the solar leasing model that’s used so widely today. Among its many customers are Staples and New York City, and it built India’s largest solar project to date. It’s one of the few vertically integrated solar companies, along with First Solar and SunPower.

Terraform is the third renewable energy yieldco to recently go public. The others are Abengoa Yield (NASDAQ:ABY) and NextEra Energy Partners (NYSE: NEP). Last year, NRG Energy spun off NRG Yield in a yieldco.

Read our article about the other yieldcos: YieldCo Makes Largest Wind Farm in US Available to Investors.

Visit Terraform’s website:

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