MARYLAND HEIGHTS, Mo., and BETHESDA, Md. | SUNEDISON —
SunEdison and TerraForm Power an owner and operator of clean energy power plants, today announced the successful syndication of the $280 million 7 year term loan facility of TerraForm Private Warehouse.
The offering was oversubscribed and was ultimately placed with a diverse group of leading institutional investors.
The term loan will bear interest at a rate of LIBOR (subject to a 1.0% floor) plus 4.0%, in line with the initial guidance to the market.
TerraForm Private Warehouse was formed by SunEdison to hold 521 MW of acquired operating assets from Atlantic Power for a maximum period of 7 years. The assets have a weighted average contracted life of 18 years with investment grade utilities with a weighted-average credit rating of A3. TerraForm Power has an exclusive call right over the warehoused operating assets, and expects to add them to the company’s portfolio over time.
TerraForm Private Warehouse is $525 million in aggregate size, with equity provided by leading infrastructure investors Macquarie Capital and John Hancock, and by TerraForm Power’s sponsor, SunEdison. Morgan Stanley, Citi, and Goldman Sachs acted as joint lead arrangers on the term loan facility.
SunEdison is the world’s largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world’s largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison’s common stock is listed on the New York Stock Exchange under the symbol “SUNE.”
About TerraForm Power
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants.