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SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 06/15/2017
Entire Document
 


In our results of operations, we define existing power plants as any power plant which was operational from the first day of the respective reporting period. Power plants acquired from a third party relate to any power plant acquired during the respective reporting period. Power plants achieving commercial operations are power plants with a commercial operation date within the respective reporting period.
Operating Revenues, net
Operating revenues, net for the years ended December 31, 2016 and 2015 were as follows:
 
Year Ended December 31,
 
 
Operating Revenues, net (in thousands, other than MW and GWh data)
2016
 
2015
 
Change
Wind energy
$
97,229

 
$
31,197

 
$
66,032

Solar energy
117,088

 
92,919

 
24,169

Total
$
214,317

 
$
124,116

 
$
90,201

 
 
 
 
 
 
Net capacity (MW)(1)(2)
919.0

 
854.4

 
64.6
GWh sold
2,272.9

 
1,055.6

 
1,217.3

(1)
Operational at end of period.
(2)
Net capacity represents the maximum generating capacity at standard test conditions of a facility multiplied by the Company’s percentage of economic ownership of that facility after taking into account any redeemable preference shares and stockholder loans the Company holds.
Operating revenues increased by $90.2 million during the year ended December 31, 2016, compared to the same period in 2015, due to:
(In thousands)
Solar
 
Wind
 
Total
Power plants acquired from a 3rd party
$
2,830

 
$

 
$
2,830

Existing power plants
21,339

 
66,032

 
87,371

Total
$
24,169

 
$
66,032

 
$
90,201


Cost of Operations
Cost of operations for the years ended December 31, 2016 and 2015 was $46.9 million and $19.0 million, respectively. Cost of operations increased by $27.9 million during the year ended December 31, 2016, compared to the same period in 2015, due to:
(In thousands)
Solar
 
Wind
 
Total
Power plants acquired from a third party
$
648

 
$

 
$
648

Existing power plants
4,157

 
23,089

 
27,246

 
$
4,805

 
$
23,089

 
$
27,894


The increase in cost of operations related to existing power plants was driven primarily by our wind power plants in Brazil and India, which were acquired during 2015, and thus we did not consolidate a full year of expense compared to 2016.

General and Administrative Expense
General and administrative expense for the years ended December 31, 2016 and 2015 was $72.9 million and $32.3 million, respectively. General and administrative expense increased by $40.5 million during the year ended December 31, 2016 compared to the same period in 2015, due to a $9.8 million decrease in project level costs from acquisitions of operating power plants from third parties and a $49.9 million increase in costs relating to growth and additional costs related to being a public company.
We have historically depended significantly on SunEdison for important corporate, project, and other services, including many management services under the MSA (such as management, secretarial, accounting, banking, treasury, administrative, regulatory and reporting functions; recommending and implementing business strategy; maintenance of books and records; calculation and payment of taxes; and preparation of audited and unaudited financial statements), as well as asset management and O&M services for most of our power plants. Because of this historical reliance on SunEdison, the SunEdison Bankruptcy has created substantial risks to our business, operations and financial condition. However, we have continued to operate our business pursuant to contingency plans that we have been developing.


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