BLOOMBERG - TerraForm Global Inc., formed by SunEdison Inc. to acquire renewable-energy assets in emerging markets, raised $675 million in its initial public offering, pricing a reduced number of shares below the original range.
The company sold 45 million shares for $15 each, according to data compiled by Bloomberg. TerraForm amended its terms in a regulatory filing Friday, after initially saying it planned to offer 56.6 million shares for $19 to $21 each. The shares will be listed on the Nasdaq Stock Market under the symbol GLBL.
TerraForm Global will provide a dividend to stockholders through cash-flows from power plants. It has solar and wind projects in China, India and South Africa, as well as other countries in South America and Southeast Asia. TerraForm Global’s projects have a combined capacity of 1,406 megawatts, the prospectus shows.
The Bethesda, Maryland-based company predicts that its projects will produce $231.5 million in cash available for distribution in 2016, the filing shows. TerraForm generated $39.4 million in revenue last year, almost double that in 2013, the filing shows.