TerraForm Power Secures Expansion of Canada Project Financing

BETHESDA, Md., March 02, 2017 (GLOBE NEWSWIRE) -- TerraForm Power, Inc. (Nasdaq:TERP) (“TerraForm Power” or the “Company”), an owner and operator of clean energy power plants, today announced that it has secured an expansion of project financing for power plants in Canada.

TerraForm Power secured an additional $86M (CAD$114M) in project financing for its 4 utility-scale solar plants (representing 60 MW) in Ontario, Canada through a 7-year non-recourse portfolio credit facility. This completes the previously mentioned upsizing that in combination with the initial $90M (CAD$120M) tranche brings the total facility to $175M (CAD$234M).

Consistent with the Company’s corporate deleveraging strategy, proceeds from the initial financing were used to repay $70M of TerraForm Power’s corporate revolver. TerraForm Power intends to use the additional proceeds from the upsizing to further reduce its corporate debt balance and for general corporate purposes.

Deutsche Bank Securities and Canadian Imperial Bank of Commerce acted as Joint Bookrunners and Joint Lead Arrangers. Canadian Imperial Bank of Commerce also acted as the Administrative Agent. Commonwealth Bank of Australia acted as documentation agent and co-syndication agent, Siemens Financial, Fédération des caisses Desjardins du Québec, and Laurentian Bank of Canada acted as co-syndication agents.

About TerraForm Power

TerraForm Power is a renewable energy company 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. For more information about TerraForm Power, please visit: www.terraformpower.com.

Cautionary Note Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “goal,” “guidance,” “outlook,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases.

They include, without limitation, statements relating to the Company’s corporate deleveraging strategy, the use of the additional proceeds from the second tranche of project financing and reducing the Company’s corporate debt balance. These forward-looking statements are based on current expectations as of the date of this press release and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: changes to the Company’s corporate deleveraging strategy; the ability of the Company to successfully implement its corporate deleveraging strategy; ; the outcome of the Company’s strategic alternatives process; as well as additional factors we have described in other filings with the Securities and Exchange Commission.

The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are described in the filings made by us with the Securities and Exchange Commission.

The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Contacts:

Investors:

Brett PriorTerraForm Powerinvestors@terraform.com

Media:

Meaghan Repko / Joseph SalaJoele Frank, Wilkinson Brimmer Katcher
media@terraform.com
(212) 355-4449