TerraForm Power Announces Pricing of Public Offering of Common Stock

NEW YORK, Oct. 04, 2019 (GLOBE NEWSWIRE) — TerraForm Power, Inc. (Nasdaq: TERP) (“TerraForm Power”) today announced that it priced its underwritten public offering of 14,907,573 shares of its Class A common stock (“common stock”) for total gross proceeds of approximately $251 million. The underwriter may offer the shares from time to time for sale in one or more transactions on the Nasdaq Global Select Market, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices.  In connection with the offering, TerraForm Power has granted the underwriter an option for a period of 30 days to purchase up to an additional 2,236,135 shares of common stock.
Subject to the completion of this offering and the receipt of applicable regulatory approvals (if any), an affiliate of TerraForm Power’s sponsor, Brookfield Asset Management Inc., will purchase from TerraForm Power in a concurrent private placement $50.0 million of shares of common stock at a price per share equal to the price paid to TerraForm Power by the underwriter in this offering.TerraForm Power intends to use the net proceeds from this offering and the concurrent private placement for working capital and general corporate purposes.The offering is expected to close on or about October 7, 2019.RBC Capital Markets is acting as sole book-running manager for the offering.The offering is being made pursuant to TerraForm Power’s effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the accompanying prospectus in that registration statement and other documents TerraForm Power has filed or will file with the SEC for more complete information about TerraForm Power and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying prospectus may be obtained from RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, New York, 10281, by calling 877-822-4089 or by emailing [email protected].This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.About TerraForm Power

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