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SEC Filings

10-Q
TERRAFORM GLOBAL, INC. filed this Form 10-Q on 06/27/2017
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within the respective reporting period. Alto Cielo, which was acquired on April 8, 2016, is the only non-comparable acquisition between the three months ended March 31, 2017 and 2016.
Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016
Operating Revenues, net
Operating revenues, net for the three months ended March 31, 2017 and 2016 were as follows:
 
Three Months Ended March 31,
 
 
(In thousands, other than MW and GWh data)
2017
 
2016
 
Change
Wind
$
24,267

 
$
18,947

 
$
5,320

Solar
32,217

 
28,739

 
3,478

     Total
$
56,484

 
$
47,686

 
$
8,798

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

 
890.0

 
29.0

GWh sold
539.0

 
506.0

 
33.0

(1)
Operational at end of period.
(2)
Net capacity represents the maximum generating capacity at standard test conditions of a power plant multiplied by our percentage of economic ownership of that power plant.
Operating revenues, net increased by $8.8 million during the three months ended March 31, 2017, compared to the same period in 2016. Wind energy power plants accounted for $5.3 million of additional revenue, net during the three months ended March 31, 2017 compared to the same period in the prior year, due primarily to increased production in Brazil offset by decreased production in China and India. Solar energy power plants accounted for $3.5 million of additional revenue during the three months ended March 31, 2017 compared to the same period in the prior year, due primarily to (i) the acquisition of Alto Cielo, which occurred on April 8, 2016, (ii) favorable currency exchange rates in South Africa and (iii) increased production in power plants in Thailand.
Cost of Operations
Cost of operations for the three months ended March 31, 2017 and 2016 was as follows:
 
Three Months Ended March 31,
 
 
(In thousands)
2017
 
2016
 
Change
Cost of operations
$
11,339

 
$
10,232

 
$
1,107


Cost of operations for the three months ended March 31, 2017 and 2016 was $11.3 million and $10.2 million, respectively. Cost of operations increased $1.1 million during the three months ended March 31, 2017 compared to the same period in 2016 due to the acquisition of Alto Cielo, which occurred on April 8, 2016.
General and Administrative Expense
General and administrative expense for the three months ended March 31, 2017 and 2016 was as follows:
 
Three Months Ended March 31,
 
 
(In thousands)
2017
 
2016
 
Change
General and Administrative Expense
$
18,969

 
$
10,184

 
$
8,785


General and administrative expense for the three months ended March 31, 2017 and 2016 was $19.0 million and $10.2 million, respectively. General and administrative expense increased by $8.8 million compared to the three months ended March 31, 2016 due to increased costs associated with operating as a stand-alone organization, including professional, legal, and consulting fees.
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

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