TerraForm Power, Inc.: Form 8-K

Source Press Release
Company TerraForm Power, Inc.NextEra Energy, Inc. 
Tags Asset Deals, Deals, Renewable Energy, Power
Date February 18, 2020

Item 2.01 Completion of Acquisition or Disposition of Assets

On February 11, 2020, TerraForm Power, Inc. (together with its subsidiaries, the “Company”), through a wholly-owned indirect subsidiary, completed the acquisition of an approximately 100 megawatt (“MW”) portfolio of concentrated solar power (“CSP”) plants in Spain (the “Portfolio”) from NextEra Energy Spain Holdings B.V. (the “Seller”) for a total net equity purchase price of €94.1 million (equivalent to $102.6 million at the date of acquisition) plus working capital adjustments. The Portfolio is comprised of two 49.9 MW CSP plants, each with nine hours of storage capacity and is located in Spain, proximate to certain of the Company’s existing CSP assets.  With this acquisition, the Company is purchasing a business with 64 employees. The Portfolio is regulated under the Spanish framework for renewable power, with approximately 19 years of remaining regulatory life. The acquisition was made pursuant to a share purchase agreement, dated November 14, 2019, between the Company and the Seller, which contains customary representations, warranties and covenants.

Item 9.01 Financial Statement and Exhibits.

The Company intends to request that the Securities and Exchange Commission staff grant the Company a waiver from the requirement under Rule 3-05 of Regulation S-X to file financial statements and pro forma financial information with respect to the acquisition of the Portfolio. Accordingly, the Company does not expect to file financial statements or pro forma financial information with respect to the acquisition of the Portfolio.

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