New York, January 20, 2015 -- Moody's Investors Service today assigned its B1 rating to the proposed $800 million senior unsecured notes at TerraForm Power Operating, LLC (TPO), a subsidiary of TerraForm Power, Inc. (TERP). The note proceeds, along with the net proceeds from two recent equity offerings (in November 2014 and January 2015) totaling approximately $702 million, will be used to refinance the $574 million secured term loan B currently on the books of TERP, finance the $862 million purchase price for the operating assets of First Wind (FW), and pay fees and expenses. The acquisition of FW is expected to close in Q1 2015. Moody's will withdraw the Ba3 senior secured ratings on TPO's existing senior secured term loan B and senior secured revolver upon repayment in full of the those credit facilities.

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