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TerraForm Power Inc (TERP)
Q4 2020 Earnings Call
Mar 24, 2021, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, ladies and gentlemen, and welcome to the TerraForm Power Operating, LLC Fourth Quarter and Full Year 2020 Results Webcast and Conference Call. As a reminder, this conference is being recorded.
I would now like to turn the conference over to Michael Tebbutt, Chief Financial Officer. You may begin.
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Michael Tebbutt -- Chief Financial Officer
Thank you, operator. Good morning, everyone, and thank you for joining us for our 2020 fourth quarter and full year results conference call and webcast for TerraForm Power Operating, LLC.
Before we begin, I'd like to remind you that a copy of our 2020 audited consolidated financial statements is published on our website and can be found under the Financials & SEC Filings page on our website at terraformpower.com.
Note also that we may make forward-looking statements on this call. These forward-looking statements are subject to known and unknown risks and our actual results may differ materially.
In addition, we will refer to non-GAAP financial measures. For more information on a reconciliation of these non-GAAP measures to comparable GAAP measures, please refer to our 2020 audited consolidated financial statements.
Our business performed well in 2020, supported by strong asset availability and contributions from recent acquisitions. We advanced our key strategic priorities, including the post-merger integration with Brookfield Renewable, and our New York State wind repowering projects, while continuing to maintain a robust balance sheet.
From a financial perspective, TerraForm Power delivered adjusted EBITDA of $847 million in 2020 compared to $730 million in the prior year, which represents a 16% increase.
Performance in the year was positively impacted by contributions from our acquisitions of utility-scale solar assets in Spain and from a full year of operations from the distributed generation solar assets we had acquired in the United States in late 2019.
During 2020, we committed to a plan to repower two wind power plants in New York with a combined nameplate capacity of 160 megawatts by replacing certain components of the wind turbines with new equipment, while preserving the existing towers foundation and balance of plant. The repowering activities represent opportunities to increase efficiency and extend useful lives of the existing renewable energy facilities.
We are pleased to have completed all material projects and financing agreements for the repowering projects, inclusive of signing a 20-year service agreement with GE and a 12-year power purchase agreement with Verizon.
Turning to our debt and liquidity. In the year, we completed $1.5 billion in non-recourse project level financings across our portfolios in the U.S. and Europe on attractive terms side using investment grade metrics at an average interest rate of approximately 2.5% with a weighted average term duration of 18 years.
Overall, our financial position remains healthy; and at the end of 2020, we had over $780 million of corporate liquidity available to fund our capital requirements. Overall, 93% of our total debt is fixed, as fixed rate or swapped debt, and we continue to have a very manageable corporate debt stack with no near-term maturities.
In the fourth quarter of 2020, we completed the sale of a 40% interest in an 852-megawatt portfolio of four wind projects located in the United States for nearly $265 million. We used the proceeds of the sale for general corporate purposes, including the repayment of corporate revolver, which was drawn to fund growth and to further bolster our available liquidity.
We would like to also give an update on the recent weather events that occurred in Texas in February. We have limited exposure to Texas through two wind power facilities totaling 300 megawatt of proportionate capacity net of minority partners' interest.
During the storm, our operations team was able to keep one of our two Texas facilities running throughout the period. Furthermore, our power marketing capabilities were instrumental in mitigating any impact to our business as our energy marketing teams were able to cover sure positions by acquiring energy well below the $9,000 per megawatt hour price cap.
Overall, the financial impact to our business was slightly positive and the assets have been up and running normally since February 20th, following the storm event.
That concludes our remarks for today. If you have any questions, please do not hesitate to contact our Investor Relations team at [email protected]. Thank you for joining us today.
Operator
[Operator Closing Remarks]
Questions and Answers:
Duration: 5 minutes
Call participants:
Michael Tebbutt -- Chief Financial Officer
