January 6, 2017 / 1:49 PM / 7 months ago

BRIEF-TerraForm Power announces sale of UK Portfolio

Jan 6 (Reuters) - TerraForm Power Inc

* TerraForm Power announces sale of UK Portfolio to optimize fleet and position company for future growth

* TerraForm Power Inc - Transaction is valued at approximately $580 million

* TerraForm Power Inc says expects to use transaction proceeds to enhance its liquidity position and reduce its net debt

* TerraForm Power Inc - TerraForm Power Operating, LLC expects to receive approximately $208 million of proceeds from sale

* TerraForm Power Inc says upon completion, company expects to reduce non-recourse project debt on its balance sheet by approximately $370 million

* TerraForm Power - To sell 24 solar projects in UK representing 365 MW to Vortex, a renewable energy platform managed by EFG Hermes' private equity arm

* TerraForm Power Inc - When deal closes, will continue to own an 11 MW operating solar plant in United Kingdom, which it expects to divest in future Source text for Eikon: Further company coverage:

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