Adding to a growing list of Montgomery County IPOs in the past year, another energy company – a spin off of SunEdison – will go public this week.
TerraForm Global (NASDAQ: GLBL) with headquarters at 7550 Wisconsin Avenue will be next to it's sister yieldco TerraForma Power (NASDAQ: TERP).
TerraForm Global was created by parent SunEdison, Inc (NYSE: SUNE) as renewable energy company in charge of global renewable assets. IT will trade under the NASDAQ symbol GLBL and is set to start trading July 31, 2015. The company intends to raise funds by issuing 56,570,000 Class A common stock shares (or 65,055,500 at underwriter full option) in the range between $19.00 and $21.00 that is expected to net as high as $1.12 billion. Each Class A share will grant each shareholder one vote.
The energy firm said 109,509,668 shares of Class A common stock shares will be outstanding (out of 2,750,000,000 shares of Class A common stock authorized) after the completion of the offering giving the company a value of approximately $2.19 billion.
TerraForm Global has 42 solar, wind and hydro projects in Africa, Asia and Latin America that total 1.4 GigaWatts inclcuding Soutpan in South Africa (15.8 MegaWatts), Hercules in China (148.5 MegaWatts) and Bahia in Brazil (99.2 MegaWatts).
As a yieldco, TerraForm Global will issue a quarterly dividend via it's renewable energy assets. The initial quarterly dividend will be $0.2750 per share or $1.1000 per share annually.