TERP (Terraform Power)...the next card in the house First Wind helped make, to fall next.
TerraForm Power (TERP) Stock Tumbles on Creditors' Lawsuit
NEW YORK (TheStreet) --TerraForm Power (TERP -Get Report) stock is down 7.83% to $9.06 in late-afternoon trading on Monday after two creditors filed a lawsuit seeking $231 million.
D.E. Shaw & Co. andMadison Dearborn Capital Partners IV allege that TerraForm Power owes the money as deferred payment for parent company SunEdison's (SUNE) $1.9 billion acquisition of First Wind Holdings in January 2015, Bloomberg reports.
SunEdison and its TerraForm Power yieldco deferred roughly $510 million in earn-out project payments, with $231 million still unpaid.
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The money will be due immediately if SunEdison files for bankruptcy or restructures its debt, the creditors said in the lawsuit.
"By all reports, SunEdison is on the verge of bankruptcy," D.E. Shaw and Madison Dearborn added, according to Bloomberg. "That bankruptcy will trigger substantial contractual payment obligations."
Both TerraForm Power and its fellow yieldco TerraForm Global (GLBL) have warned that SunEdison may seek bankruptcy protection soon.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
TerraForm Power's weaknesses include its deteriorating net income and generally high debt management risk.
You can view the full analysis from the report here: TERP
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
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Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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