BETHESDA, Md., May 11, 2017 (GLOBE NEWSWIRE) -- TerraForm Power, Inc. (Nasdaq:TERP), an owner and operator of clean energy power plants, today announced that its subsidiary, TerraForm Power Operating, LLC, has completed its previously announced sale of a portfolio of 24 operating solar projects in the United Kingdom representing 365 MW to Vortex, a renewable energy platform managed by EFG Hermes’ private equity arm.

Operating received approximately $211 million of proceeds from the sale, net of transaction expenses and distributions taken from the UK Portfolio after announcement and before closing. The Company expects to use the transaction proceeds to enhance its liquidity position and reduce its net debt. Completion of the sale has also reduced non-recourse project debt on the Company’s balance sheet by approximately GBP 301 million.

“The sale of our UK portfolio demonstrates TerraForm Power’s continued execution on its strategic initiatives,” said Peter Blackmore, Chairman and Interim CEO of TerraForm Power. “Closing this sale is an important step forward to improve our balance sheet. Separately, our team continues to work diligently to meet the remaining closing conditions and complete the transaction with Brookfield.”

“We are delighted to complete the acquisition of such high quality solar assets. Our portfolio in Vortex has now reached 822 MW of wind and solar assets across Europe” said Karim Moussa, Head of Asset Management and Private Equity at EFG Hermes.

Citi served as exclusive financial advisor and Linklaters, LLP acted as counsel to TerraForm Power. Watson Farley & Williams acted as counsel to Vortex.

About TerraForm Power

TerraForm Power is a renewable energy company that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: www.terraformpower.com.

About EFG Hermes

With a current footprint spanning seven countries in the Middle East and North Africa, EFG Hermes started in Egypt and has grown over 30 years of success to become the region’s leading investment bank. Drawing on our proven track-record and a team of 865 talented employees, EFG Hermes provides a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research and private equity to the entire region.

EFG Hermes’ private equity arm is one of the Arab world’s leading private-equity groups with a special focus on investing in infrastructure (particularly renewable energy), healthcare and consumer products. With more than a decade of experience in investing across a broad industrial footprint, the firm is a leader in infrastructure private equity.

For further information about EFG Hermes, please visit www.efghermes.com and stay connected with them: