TerraForm Power Acquires Ownership Stake of 9 MW of Solar Power Plants From Duke Energy Renewables

BETHESDA, Md., June 25, 2015 (GLOBE NEWSWIRE) -- TerraForm Power, Inc. (Nasdaq:TERP), an owner and operator of clean energy power plants, today announced the acquisition of a 9 MW net ownership stake in a portfolio of operating distributed solar power plants from Duke Energy Renewables, a commercial business unit of Duke Energy, the nation's largest electric power holding company.

Combined with the 23 MW net ownership stake in this portfolio previously acquired from Integrys, TerraForm Power's total ownership in these 48 plants represents 32 MW. Terms of the Duke sale were not disclosed.

"We are grateful for the opportunity to work with Duke Energy, one of the country's leading utilities. This acquisition demonstrates TerraForm Power's continued leadership in the distributed generation segment and depth of utility relationships which continue to accelerate our growth trajectory," said Alex Hernandez, Chief Financial Officer of TerraForm Power.

The solar projects are located throughout Arizona, California, Massachusetts, New Jersey and Pennsylvania. The assets were placed into operation between 2011 and 2013 under a joint venture between Duke Energy Renewables and Integrys Energy, and are contracted under long term power purchase agreements (PPAs) with a variety of commercial and municipal entities having a weighted-average credit rating of Baa2. The contracts have a weighted average remaining life of 17 years.

"We've had a successful partnership with Integrys Energy, and their decision to sell their interest in the JV to TerraForm Power prompted us to a similar decision," said Greg Wolf, president of Duke Energy's Commercial Portfolio. "These assets have been good performers, and we're pleased that TerraForm Power will continue to deliver reliable, clean energy to the customers we've been privileged to serve."

About TerraForm Power

TerraForm Power is a renewable energy leader 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: http://www.terraform.com.

About Duke Energy Renewables

Duke Energy Renewables, part of Duke Energy's Commercial Portfolio, is a leader in developing innovative wind and solar energy generation projects for customers throughout the United States. The company's growing portfolio of utility-scale commercial renewable assets includes 16 wind farms and 24 solar farms in operation in 12 states, totaling more than 2 gigawatts in electric-generating capacity. Learn more at www.duke-energy.com/renewables.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at www.duke-energy.com.

Safe Harbor Disclosure

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "expect," "estimate," "anticipate," "forecast," "intend," "project," "target," "plan," "believe" and similar terms and expressions. Forward-looking statements are based on current expectations and assumptions. Although TerraForm Power believes that its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, among others: the failure of counterparties to fulfill their obligations under offtake agreements; price fluctuations, termination provisions and buyout provisions in offtake agreements; delays or unexpected costs during the completion of projects under construction; TerraForm Power's ability to successfully identify, evaluate and consummate acquisitions from SunEdison or third parties or changes in expected timing of any acquisitions; government regulation; operating and financial restrictions under agreements governing indebtedness; TerraForm Power's ability to borrow additional funds and access capital markets; TerraForm Power's ability to compete against traditional and renewable energy companies; TerraForm Power's ability to integrate acquired power plants, including the solar power plants acquired from Integrys; and hazards customary to the power production industry and power generation operations, such as unusual weather conditions and outages. Furthermore, any dividends are subject to available capital, market conditions and compliance with associated laws and regulations.

TerraForm Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause TerraForm Power's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect TerraForm Power's future results included in TerraForm Power's filings with the Securities and Exchange Commission ("SEC") at www.sec.gov. In addition, TerraForm Power makes available free of charge at www.terraform.com copies of materials it files with, or furnishes to, the SEC.

CONTACT: Media:
         Anne Granfield
         Finsbury for TerraForm Poweranne.granfield@finsbury.com
         +1 (646) 805-2033

         Investors/Analysts:
         Brett Priorbprior@terraform.com
         +1 (650) 889-8628