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IPO

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TerraForm Global Raises $675 Million In IPO

by Joshua S Hill August 4, 2015

SunEdison has revealed that the IPO for its newest endeavour, TerraForm Global, raised $675 million for the new company.

Originally announced back in May, TerraForm Global is SunEdison’s “emerging markets yieldco subsidiary,” which will be “formed to own and operate contracted clean power generation assets in attractive, high-growth emerging markets.” SunEdison made available 45 million Class A shares on the NASDAQ stock exchange on July 31, sold at $15.00 per share, and representing total proceeds of $675 million.

Though the share price has since fallen from the original $15, reports are that TerraForm Global raised the planned $675 million — in addition to a further $67.5 million raised through Class A Common Private Placement.

TerraForm Global intends to use its new proceed, in addition to an existing $810 million in senior unsecured notes, to repay all outstanding indebtedness under its bridge facility, pay pending acquisition consideration, repay project-level indebtedness, and for general corporate purposes.

TerraForm Global announced back in July that it intends to offer, by way of a private transaction, up to $800 million in green bonds, or more accurately, “aggregate principal amount of senior notes due 2022.” Proceeds from the sale are intended to fund, in whole or in part, renewable energy projects.

August 4, 2015 0 comment

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Sunrun Aims To Raise $309 Million In Planned IPO

by Joshua S Hill July 23, 2015

written by Joshua S Hill

American rooftop solar installer Sunrun has revealed the terms of its planned IPO — it aims to raise as much as $309 million in the IPO.

The Silicon Valley–formed and backed rooftop solar installer announced plans to file an IPO in June, and has now revealed that its shares will initially be priced at between $13 and $15, set to trade on the NASDAQ under the symbol “RUN.”

In its filing with the SEC, Sunrun noted that it intends “to use the net proceeds … from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures.”

Sunrun has been growing rapidly over the past few years, being able to expand recently into South Carolina, increasing its market out of its homeground in the US Northeast and Southwest. On top of that, Sunrun announced earlier this month the decision to sign with SolarEdge as its “preferred supplier of optimized inverter solutions available for use in Sunrun’s home solar installations.”

“Sunrun has focused on integrating innovative technologies into our business so we continue to deliver the best experience to new and existing customers,” said Paul Winnowski, chief operating officer of Sunrun, at the time of the announcement. “We’re excited to partner with SolarEdge to ensure Sunrun customers have high quality home solar systems resulting in increased energy production and lower electricity costs.”

According to a report from GTM Research, Sunrun is the #3 home solar installer in the US, with 3% of the market. Vivint Solar, just acquired by SunEdison, is #2, with 13% of the market. And SolarCity is #1, with 34% of the market.

July 23, 2015 0 comment

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Vivint Solar IPO And CEO Interview

by Jake Richardson October 8, 2014

written by Jake Richardson

Vivint Solar recently had its IPO, so it has been an exciting and critically important time for the residential solar power company. CEO Greg Butterfield generously took some time out of his very busy schedule to answer some questions.

1. You have been through a number of IPOS. What was your impression of this one?

This is an exciting time in an emerging industry. The momentum and the camaraderie in the industry to grow solar is incredible. I view this as a financial event and am interested in the long-term. I was pleased with the pricing and we had a great reception with around 400 meetings. People got the story and were really excited about Vivint Solar.

2. Where will you focus the funds you raised to help Vivint?

We will use the proceeds to repay outstanding financial obligations and grow our business over the next 12 to 18 months.

3. It seems Vivint is compared with Solar City with some frequency, what would say are the key differences?

There are some differences in our businesses. We are downstream, whereas I think that SolarCity is going midstream. It recently bought a panel company and a racking company. We have partnerships with panel makers and racking companies, but don’t think we can be the best in everything, and are not looking to get into hardware. I think that gives us more strategic alignment with our customers, because we’re always looking to partner with the best providers.

4. What are some of Vivint’s near-term goals following the IPO?

Staying focused on things we can control.

5. There is so much work to be done in bringing solar power to homes and businesses across America that one could also take the view that Vivint and Solar City are actually working in a complementary fashion. Is there also more space for new solar power companies to join in and grow solar together?

Absolutely. Residential solar holds less than 1% market penetration in the United States, so we welcome others to join us to increase that market.

6. How many employees do you have currently and how much do you expect to grow in the next five years?

We currently employ more than 2500 employees and will strategically hire to meet business demand.

7. Are you expecting utility-scale solar power to be any challenge to your business model?

No. We are currently only installing on residential rooftops.

8. Is Vivint expecting to add any new business partnerships in the next several years?

While we do not have anything to report at this time, we are always looking for opportunities to partner, license, and invest in complementary products, technologies, or businesses.

Image Credit: Vivint Solar

October 8, 2014 0 comment