TerraForm Power Inc (NASDAQ: TERP) stock rose over 2.7% after the company in the second quarter of FY 18 has reported the adjusted earnings per share of 13 cents, which is in line with the analysts’ estimates for the adjusted earnings per share of 13 cents.

Meanwhile, TERP after the settlement of the tender offer whereby the company has acquired 95% of Saeta, TERP closed on the minority squeeze-out on July 2nd, increasing the ownership to 100%. TERP expect to immediately integrate Saeta into Terraform Power and realize synergies from the transaction. The company have identified cost savings as a result of eliminating public company costs as well as potential reductions in O&M expenses. Similar to TerraForm Power’s North American assets, there are opportunities to renegotiate some of Saeta’s outsource contracts over the next few years and realize cost savings.The company expect these two opportunities would yield up to €5 million of annual savings.

Moreover, TERP has executed an 11-year Framework Agreement with an affiliate of General Electric Company (“GE”) to provide the company with full-wrap, long-term service agreements (“LTSAs”) for turbine operations and maintenance as well as other balance of plant services for each project in the 1.6 GW North American wind fleet. Pursuant to a back-stop agreement with the sponsor Brookfield Asset Management (“Brookfield”), has issued $650 million in equity to fund the Saeta acquisition. During the second quarter, the company has made progress executing the ~$350 million non-recourse debt component of the permanent financing plan for the Saeta acquisition, including closing the first project financing of certain of the unencumbered assets yielding net proceeds of ~$83 million

Additionally, the company has declared a Q3 2018 dividend of $0.19 per share, which implies $0.76 per share on an annual basis. The company has also authorized an ~$111 million share repurchase program. The company has launched the second financing, which is expected to net ~$70 million and close later this summer. Over the next six months, we plan to execute two more project financings to raise the remainder of the ~$350 million of proceeds. Upon expected completion of the permanent financing plan for the Saeta acquisition, TerraForm Power would restore its corporate liquidity to ~$900 million and would have ample dry powder to continue pursuing opportunistic acquisitions originated by Brookfield.