A single faulty blade at an Ontario wind farm proved costly for TerraForm Power Inc.
When the part failed in January at the company’s Raleigh wind farm, TerraForm took 70 turbines that used the same type of blade out of service to identify the problem. That ate up about $6 million in cash that otherwise would have been available for distribution to shareholders, TerraForm said in a statement Tuesday after the close of regular trading.
TerraForm, a renewable-energy company controlled by Brookfield Asset Management Inc., reported first-quarter revenue of $127.5 million. That missed the $146.4 million average of eight analysts’ estimates compiled by Bloomberg.
TerraForm shares slipped 2.3 percent to $10.85 at 11:44 a.m. in New York, after earlier declining as much as 3.3 percent, the most intraday since March 19.
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