TerraForm Power, a solar energy yieldco spun out of SunEdison, announced terms for its IPO on Tuesday. The Beltsville, MA-based company plans to raise $401 million by offering 20.1 million shares at a price range of $19to $21. At the midpoint of the proposed range, TerraForm would command a fully diluted market value of $2.0 billion.
TerraForm Power, which was formed in 2014 and booked $26 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol TERP. TerraForm initially filed confidentially on February 14, 2014. Goldman Sachs, Barclays, Citi, J.P. Morgan and Macquarie Capital are the joint bookrunners on the deal. It is expected to price during the week of July 14, 2014.
