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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>As filed with the Securities and Exchange Commission on June
29, 2015</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: right"><B>Registration
No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TerraForm
Power, Inc.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>46-4780940</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7550 Wisconsin Avenue, 9th Floor
<BR>
Bethesda, Maryland, 20814 </B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive
Offices)</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>20814</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Zip Code)&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>2014
Second amended and restated long-term incentive plan</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sebastian Deschler, Esq. &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Vice President, General Counsel
and Secretary </B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TerraForm Power, Inc. </B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7550 Wisconsin Avenue, 9th Floor </B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bethesda, Maryland 20814 </B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(240) 762-7700 </B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number, including
area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copy to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Andrea L. Nicolas, Esq.</B> &nbsp; <BR>
<B>Skadden, Arps, Slate, Meagher &amp; Flom LLP</B> <B><BR>
Four Times Square</B> &nbsp; <BR>
<B>New York, New York 10036-6522</B> &nbsp; <B><BR>
(212) 735-3000</B> &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">Large accelerated filer <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD>
    <TD STYLE="width: 20%">Accelerated
filer <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Non&#8722;accelerated filer <FONT STYLE="font-family: Wingdings 2">T</FONT>
(Do not check if a smaller reporting company)</TD>
    <TD>Smaller reporting company <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-top: Black 3pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of securities to be registered</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 3pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount to be</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>registered(1)&nbsp;</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 3pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed maximum</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>offering price</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>per share</B>&nbsp;</P></TD>
    <TD STYLE="width: 16%; border-top: Black 3pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed maximum</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>aggregate</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>offering price</B>&nbsp;</P></TD>
    <TD STYLE="width: 14%; border-top: Black 3pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>registration</B><BR>
<B>fee(4)</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class A common stock, par value $0.01 per share</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>150,000</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$29.31(2)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$4,396,500</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$511</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class A common stock, par value $0.01 per share</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4,541,021</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$39.00(3)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$177,099,825</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$20,579</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This registration statement covers the following shares of class A common stock, par value $0.01 per share (&ldquo;Class A
Common Stock&rdquo;), of TerraForm Power, Inc. (the &ldquo;Company&rdquo;): (i) 150,000 shares of Class A Common Stock issuable
upon the exercise of options granted prior to the date hereof under the Company&rsquo;s 2014 Second Amended and Restated Long-Term
Incentive Plan, as amended (the &ldquo;2014 Plan&rdquo;), (ii) 4,541,021 shares of Class A Common Stock that may be issued under
the 2014 Plan and (iii) pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
an indeterminate number of additional shares that may become issuable under the terms of the 2014 Plan by reason of any share split,
share dividend, recapitalization or other similar transaction effected without the Company&rsquo;s receipt of consideration which
results in an increase in the number of the outstanding shares of Class A Common Stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act, on the
basis of $29.31 per share, the weighted average exercise price of the 150,000 shares of Class A Common Stock issuable upon exercise
of outstanding options under the 2014 Plan as of the date of this registration statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and (c) under the Securities Act,
based on the average of the high and low sales prices of the Class A Common Stock on the Nasdaq Global Market on June 26, 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Calculated pursuant to Section 6(b) of the Securities Act by multiplying the proposed maximum aggregate offering price by 0.0001162.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This registration statement registers shares
of class A common stock, par value $0.01 per share (&ldquo;Class A Common Stock&rdquo;), of TerraForm Power, Inc. (the &ldquo;Company&rdquo;)
that may be issuable upon the exercise of options granted prior to the date hereof and that may be issued and sold under the Company's
2014 Second Amended and Restated Long-Term Incentive Plan, as amended (the &ldquo;2014 Plan.&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Plan Information.</B>*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Registrant Information and Employee Plan Annual Information.</B>*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The documents containing the information specified in Part
I of Form S-8 will be sent or given to participants in the Plans as specified by Rule 428(b)(1) of the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;). Such documents need not be filed with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule
424 of the Securities Act. These documents and the documents incorporated by reference in this registration statement pursuant
to Item 3 of Part II of this registration statement, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents previously filed
with the SEC are incorporated by reference in this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#9;The Company&rsquo;s annual report
on Form 10-K for the year ended December 31, 2014, dated March 13, 2015, filed with the SEC (Registration No. 001-36542);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;The Company&rsquo;s quarterly report
on Form 10-Q for the quarter ended March 31, 2015, dated May 7, 2015, filed with the SEC (Registration No. 001-36542);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;The Company&rsquo;s current
reports on Form 8-K, filed with the SEC on February 3, 2015, March 30, 2015, April 1, 2015 (to the extent filed), May 6, 2015, May
8, 2015, June 2, 2015 and June 12, 2015; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;The description of Class A Common
Stock contained in the registration statement on Form 8-A, dated July 15, 2014, filed with the SEC by the Company to register such
securities under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), including any amendment or report
filed for the purpose of updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents subsequently filed by the
Company pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
to this registration statement which indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the
date of filing of such documents with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statement contained in a document incorporated
or deemed to be incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained in this registration statement, or in any other subsequently
filed document that also is or is deemed to be incorporated by reference in this registration statement, modifies or supersedes
such prior statement. Any statement contained in this registration statement shall be deemed to be modified or superseded to the
extent that a statement contained in a subsequently filed document that is or is deemed to be incorporated by reference in this
registration statement modifies or supersedes such prior statement. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Set forth below is a description of certain
provisions of the Company&rsquo;s amended and restated certificate of incorporation, amended and restated bylaws and Delaware law
as such provisions relate to the Company&rsquo;s directors and officers. This description is intended only as a summary and is
qualified in its entirety by reference to the Company&rsquo;s amended and restated certificate of incorporation, amended and restated
bylaws and Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 102 of the Delaware General Corporation
Law, as amended (the &ldquo;DGCL&rdquo;), allows a corporation to eliminate the personal liability of directors to a corporation
or its stockholders for monetary damages for a breach of a fiduciary duty as a director, except where the director breached his
duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment
of a dividend or approved a stock repurchase or redemption in violation of Delaware corporate law or obtained an improper personal
benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145 of the DGCL provides, among
other things, that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding (other than an action by or in the right of the corporation) by reason of the fact
that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the corporation&rsquo;s
request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses, including attorneys&rsquo; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred
by the person in connection with the action, suit or proceeding. The power to indemnify applies if (i) such person is successful
on the merits or otherwise in defense of any action, suit or proceeding or (ii) such person acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was unlawful. The power to indemnify applies to actions brought
by or in the right of the corporation as well, but only to the extent of defense expenses (including attorneys&rsquo; fees but
excluding amounts paid in settlement) actually and reasonably incurred and not to any satisfaction of judgment or settlement of
the claim itself, and with the further limitation that in such actions no indemnification shall be made in the event of any adjudication
of negligence or misconduct in the performance of his duties to the corporation, unless a court believes that in light of all the
circumstances indemnification should apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 174 of the DGCL provides, among
other things, that a director who willfully and negligently approves of an unlawful payment of dividends or an unlawful stock purchase
or redemption may be held liable for such actions. A director who was either absent when the unlawful actions were approved or
dissented at the time, may avoid liability by causing his or her dissent to such actions to be entered in the books containing
the minutes of the meetings of the board of directors at the time the action occurred or immediately after the absent director
receives notice of the unlawful acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s amended and restated
certificate of incorporation states that no director shall be personally liable to the Company or any of its stockholders for monetary
damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is
not permitted under the DGCL as it exists or may be amended. A director is also not exempt from liability for any transaction from
which he or she derived an improper personal benefit, or for violations of Section 174 of the DGCL. To the maximum extent permitted
under Section 145 of the DGCL, the Company&rsquo;s amended and restated certificate of incorporation authorizes the Company to
indemnify any and all persons whom it has the power to indemnify under the law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s amended and restated
bylaws provide that the Company will indemnify, to the fullest extent permitted by the DGCL, each person who was or is made a party
or is threatened to be made a party in any legal proceeding by reason of the fact that he or she is or was a director or officer
of the Company or is or was a director or officer of the Company serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise. However, such indemnification
is permitted only if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such
person&rsquo;s conduct was unlawful. Indemnification is authorized on a case-by-case basis by (1) the Company&rsquo;s board of
directors by a majority vote of disinterested directors, (2) a committee of the disinterested directors, (3) independent legal
counsel in a written opinion if (1) and (2) are not available, or if disinterested directors so direct, or (4) the stockholders.
Indemnification of former directors or officers shall be determined by any person authorized to act on the matter on the Company&rsquo;s
behalf. Expenses incurred by a director or officer in defending against such legal proceedings are payable before the final disposition
of the action, provided that the director or officer undertakes to repay the Company if it is later determined that he or she is
not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has entered into separate indemnification
agreements with its directors and executive officers. Each indemnification agreement provides, among other things, for indemnification
to the fullest extent permitted by law and the Company&rsquo;s amended and restated certificate of incorporation and amended and
restated bylaws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification
agreements provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to the Company if it
is found that such indemnitee is not entitled to such indemnification under applicable law and the Company&rsquo;s amended and
restated certificate of incorporation and amended and restated bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing
provisions, the Company has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable. The Company's maintains directors&rsquo; and officers&rsquo; liability insurance
for its officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company maintains industry standard
policies of insurance under which coverage is provided to its directors and officers against legal liability for loss which is
not indemnified arising from claims made by reason of breach of duty or other wrongful act while acting in their capacity as directors
and officers of the registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The list of exhibits is set forth under
&ldquo;Exhibit Index&rdquo; at the end of this registration statement and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#9;The undersigned registrant hereby
undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(1)&#9;To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&#9;To include any prospectus
required by section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&#9;To reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&#9;To include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: 67.5pt"><I>provided, however</I>, that
paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the undersigned registrant pursuant
to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(2)&#9;That, for the purpose of
determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(3)&#9;To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the undersigned registrant&rsquo;s
annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the undersigned registrant
pursuant to the foregoing provisions, or otherwise, the undersigned registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the undersigned registrant of
expenses incurred or paid by a director, officer or controlling person of the undersigned registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the undersigned registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Bethesda, State of Maryland, on June 29, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 243.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 243.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>TERRAFORM POWER, INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">/s/&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="text-transform: uppercase">C</FONT>arlos<FONT STYLE="text-transform: uppercase">
    D</FONT>omenech<FONT STYLE="text-transform: uppercase"> Z</FONT>ornoza</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:</TD>
    <TD>Carlos Domenech Zornoza&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 243.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 243.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each person whose signature appears below
constitutes and appoints Ahmad Chatila and Carlos Domenech Zornoza, and each of them, his true and lawful attorneys-in-fact and
agents, each with full power of substitution and resubstitution, severally, for him and in his name, place and stead, in any and
all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file
the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; text-align: center; border-bottom: Black 1pt solid"><B>Signature</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid"><B>Title</B></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 26%; text-align: center; border-bottom: Black 1pt solid"><B>Date</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">C</FONT>arlos<FONT STYLE="text-transform: uppercase">
    D</FONT>omenech<FONT STYLE="text-transform: uppercase"> Z</FONT>ornoza</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Chief Executive Officer and Director&nbsp; <BR>
(Principal Executive Officer)</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR>
    <TD>Carlos Domenech Zornoza</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: -6.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">A</FONT>lejandro
    <FONT STYLE="text-transform: uppercase">&ldquo;A</FONT>lex<FONT STYLE="text-transform: uppercase">&rdquo; H</FONT>ernandez</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Chief Financial Officer&nbsp;<BR>
(Principal Financial Officer)&nbsp;</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR>
    <TD>Alejandro &ldquo;Alex&rdquo; Hernandez</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: -6.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">A</FONT>hmad<FONT STYLE="text-transform: uppercase">
    C</FONT>hatila</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR>
    <TD>Ahmad Chatila</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: -6.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">B</FONT>rian<FONT STYLE="text-transform: uppercase">
    W</FONT>uebbels</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR>
    <TD>Brian Wuebbels</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: -6.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">F</FONT>rancisco
    <FONT STYLE="text-transform: uppercase">&ldquo;P</FONT>ancho<FONT STYLE="text-transform: uppercase">&rdquo; P</FONT>erez<FONT STYLE="text-transform: uppercase">-G</FONT>undin</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR>
    <TD>Francisco &ldquo;Pancho&rdquo; Perez-Gundin</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: -6.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">S</FONT>teven
    <FONT STYLE="text-transform: uppercase">T</FONT>esoriere</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR>
    <TD>Steven Tesoriere</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: -6.15pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">M</FONT>artin
    <FONT STYLE="text-transform: uppercase">T</FONT>ruong</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Martin Truong</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">M</FONT>ark<FONT STYLE="text-transform: uppercase">
    L</FONT>erdal</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Mark Lerdal</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">M</FONT>ark<FONT STYLE="text-transform: uppercase">
    F</FONT>lorian</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Mark Florian</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ <FONT STYLE="text-transform: uppercase">H</FONT>anif<FONT STYLE="text-transform: uppercase">
    &ldquo;W</FONT>ally<FONT STYLE="text-transform: uppercase">&rdquo; D</FONT>ahya</TD>
    <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">June 29, 2015</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Hanif &ldquo;Wally&rdquo; Dahya</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>INDEX OF EXHIBITS</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left">Exhibit <BR><U>No.</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><U>Description</U></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 8%; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amended and Restated Certificate of Incorporation of TerraForm Power, Inc. (incorporated by reference &nbsp;to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on July 25, 2014)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws of TerraForm Power, Inc. (incorporated by reference&nbsp;&nbsp;to Exhibit 3.2 to the Current Report on Form 8-K, filed with the SEC on July 25, 2014)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Opinion of Skadden, Arps, Slate, Meagher &amp; Flom LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of KPMG LLP, independent registered public accountants of TerraForm Power, Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Ernst &amp; Young LLP, independent registered public accountants of Imperial Valley Solar 1 Holdings II, LLC and Subsidiaries </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">23.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Ernst &amp; Young LLP, independent registered public accountants of First Wind Operating Entities</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">23.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Skadden, Arps, Slate, Meagher &amp; Flom LLP (included as part of Exhibit 5.1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Power of Attorney (included on signature page)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">TerraForm
    Power, Inc. 2014 Second Amended and Restated Long-Term Incentive Plan (incorporated by reference to
    Exhibit     10.10     to the Registration Statement on Form S-1, File No. 333-196345, filed with the SEC on June 13,
    2014)</FONT></TD></TR>
</TABLE>


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[{"type": "S-8", "sequence": "1", "filename": "s000953x1_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 64063}]
{"company-data": {"conformed-name": "TerraForm Power, Inc.", "cik": "0001599947", "assigned-sic": "4911", "irs-number": "464780940", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-205337", "film-number": "15958808"}, "business-address": {"street1": "7550 WISCONSIN AVENUE, 9TH FLOOR", "city": "BETHESDA", "state": "MD", "zip": "20814", "phone": "(240) 762-7700"}, "mail-address": {"street1": "7550 WISCONSIN AVENUE, 9TH FLOOR", "city": "BETHESDA", "state": "MD", "zip": "20814"}, "former-company": {"former-conformed-name": "SUNEDISON YIELDCO, INC.", "date-changed": "20140212"}}
As filed with the Securities and Exchange Commission on June
29, 2015
Registration
No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
TerraForm
Power, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
46-4780940
(I.R.S. Employer
Identification No.)
7550 Wisconsin Avenue, 9th Floor
Bethesda, Maryland, 20814
(Address of Principal Executive
Offices)
20814
(Zip Code)
2014
Second amended and restated long-term incentive plan
(Full title of the plan)
Sebastian Deschler, Esq.
Senior Vice President, General Counsel
and Secretary
TerraForm Power, Inc.
7550 Wisconsin Avenue, 9th Floor
Bethesda, Maryland 20814
(240) 762-7700
(Name, address and telephone number, including
area code, of agent for service)
Copy to:
Andrea L. Nicolas, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036-6522
(212) 735-3000
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
£
Accelerated
filer
£
Non−accelerated filer
T
(Do not check if a smaller reporting company)
Smaller reporting company
£
CALCULATION OF REGISTRATION FEE
Title of securities to be registered
Amount to be
registered(1)
Proposed maximum
offering price
per share
Proposed maximum
aggregate
offering price
Amount of
registration
fee(4)
Class A common stock, par value $0.01 per share
150,000
$29.31(2)
$4,396,500
$511
Class A common stock, par value $0.01 per share
4,541,021
$39.00(3)
$177,099,825
$20,579
(1)
This registration statement covers the following shares of class A common stock, par value $0.01 per share ("Class A
Common Stock"), of TerraForm Power, Inc. (the "Company"): (i) 150,000 shares of Class A Common Stock issuable
upon the exercise of options granted prior to the date hereof under the Company's 2014 Second Amended and Restated Long-Term
Incentive Plan, as amended (the "2014 Plan"), (ii) 4,541,021 shares of Class A Common Stock that may be issued under
the 2014 Plan and (iii) pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"),
an indeterminate number of additional shares that may become issuable under the terms of the 2014 Plan by reason of any share split,
share dividend, recapitalization or other similar transaction effected without the Company's receipt of consideration which
results in an increase in the number of the outstanding shares of Class A Common Stock.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act, on the
basis of $29.31 per share, the weighted average exercise price of the 150,000 shares of Class A Common Stock issuable upon exercise
of outstanding options under the 2014 Plan as of the date of this registration statement.
(3)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and (c) under the Securities Act,
based on the average of the high and low sales prices of the Class A Common Stock on the Nasdaq Global Market on June 26, 2015.
(4)
Calculated pursuant to Section 6(b) of the Securities Act by multiplying the proposed maximum aggregate offering price by 0.0001162.
EXPLANATORY NOTE
This registration statement registers shares
of class A common stock, par value $0.01 per share ("Class A Common Stock"), of TerraForm Power, Inc. (the "Company")
that may be issuable upon the exercise of options granted prior to the date hereof and that may be issued and sold under the Company's
2014 Second Amended and Restated Long-Term Incentive Plan, as amended (the "2014 Plan.")
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Item 1. Plan Information.
*
Item 2. Registrant Information and Employee Plan Annual Information.
*
* The documents containing the information specified in Part
I of Form S-8 will be sent or given to participants in the Plans as specified by Rule 428(b)(1) of the Securities Act of 1933,
as amended (the "Securities Act"). Such documents need not be filed with the Securities and Exchange Commission (the
"SEC") either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule
424 of the Securities Act. These documents and the documents incorporated by reference in this registration statement pursuant
to Item 3 of Part II of this registration statement, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents previously filed
with the SEC are incorporated by reference in this registration statement:
(a)	The Company's annual report
on Form 10-K for the year ended December 31, 2014, dated March 13, 2015, filed with the SEC (Registration No. 001-36542);
(b)	The Company's quarterly report
on Form 10-Q for the quarter ended March 31, 2015, dated May 7, 2015, filed with the SEC (Registration No. 001-36542);
(c)	The Company's current
reports on Form 8-K, filed with the SEC on February 3, 2015, March 30, 2015, April 1, 2015 (to the extent filed), May 6, 2015, May
8, 2015, June 2, 2015 and June 12, 2015; and
(d)	The description of Class A Common
Stock contained in the registration statement on Form 8-A, dated July 15, 2014, filed with the SEC by the Company to register such
securities under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including any amendment or report
filed for the purpose of updating such description.
All documents subsequently filed by the
Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
to this registration statement which indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the
date of filing of such documents with the SEC.
Any statement contained in a document incorporated
or deemed to be incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained in this registration statement, or in any other subsequently
filed document that also is or is deemed to be incorporated by reference in this registration statement, modifies or supersedes
such prior statement. Any statement contained in this registration statement shall be deemed to be modified or superseded to the
extent that a statement contained in a subsequently filed document that is or is deemed to be incorporated by reference in this
registration statement modifies or supersedes such prior statement. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this registration statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Set forth below is a description of certain
provisions of the Company's amended and restated certificate of incorporation, amended and restated bylaws and Delaware law
as such provisions relate to the Company's directors and officers. This description is intended only as a summary and is
qualified in its entirety by reference to the Company's amended and restated certificate of incorporation, amended and restated
bylaws and Delaware law.
Section 102 of the Delaware General Corporation
Law, as amended (the "DGCL"), allows a corporation to eliminate the personal liability of directors to a corporation
or its stockholders for monetary damages for a breach of a fiduciary duty as a director, except where the director breached his
duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment
of a dividend or approved a stock repurchase or redemption in violation of Delaware corporate law or obtained an improper personal
benefit.
Section 145 of the DGCL provides, among
other things, that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding (other than an action by or in the right of the corporation) by reason of the fact
that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the corporation's
request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred
by the person in connection with the action, suit or proceeding. The power to indemnify applies if (i) such person is successful
on the merits or otherwise in defense of any action, suit or proceeding or (ii) such person acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was unlawful. The power to indemnify applies to actions brought
by or in the right of the corporation as well, but only to the extent of defense expenses (including attorneys' fees but
excluding amounts paid in settlement) actually and reasonably incurred and not to any satisfaction of judgment or settlement of
the claim itself, and with the further limitation that in such actions no indemnification shall be made in the event of any adjudication
of negligence or misconduct in the performance of his duties to the corporation, unless a court believes that in light of all the
circumstances indemnification should apply.
Section 174 of the DGCL provides, among
other things, that a director who willfully and negligently approves of an unlawful payment of dividends or an unlawful stock purchase
or redemption may be held liable for such actions. A director who was either absent when the unlawful actions were approved or
dissented at the time, may avoid liability by causing his or her dissent to such actions to be entered in the books containing
the minutes of the meetings of the board of directors at the time the action occurred or immediately after the absent director
receives notice of the unlawful acts.
The Company's amended and restated
certificate of incorporation states that no director shall be personally liable to the Company or any of its stockholders for monetary
damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is
not permitted under the DGCL as it exists or may be amended. A director is also not exempt from liability for any transaction from
which he or she derived an improper personal benefit, or for violations of Section 174 of the DGCL. To the maximum extent permitted
under Section 145 of the DGCL, the Company's amended and restated certificate of incorporation authorizes the Company to
indemnify any and all persons whom it has the power to indemnify under the law.
The Company's amended and restated
bylaws provide that the Company will indemnify, to the fullest extent permitted by the DGCL, each person who was or is made a party
or is threatened to be made a party in any legal proceeding by reason of the fact that he or she is or was a director or officer
of the Company or is or was a director or officer of the Company serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise. However, such indemnification
is permitted only if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such
person's conduct was unlawful. Indemnification is authorized on a case-by-case basis by (1) the Company's board of
directors by a majority vote of disinterested directors, (2) a committee of the disinterested directors, (3) independent legal
counsel in a written opinion if (1) and (2) are not available, or if disinterested directors so direct, or (4) the stockholders.
Indemnification of former directors or officers shall be determined by any person authorized to act on the matter on the Company's
behalf. Expenses incurred by a director or officer in defending against such legal proceedings are payable before the final disposition
of the action, provided that the director or officer undertakes to repay the Company if it is later determined that he or she is
not entitled to indemnification.
The Company has entered into separate indemnification
agreements with its directors and executive officers. Each indemnification agreement provides, among other things, for indemnification
to the fullest extent permitted by law and the Company's amended and restated certificate of incorporation and amended and
restated bylaws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification
agreements provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to the Company if it
is found that such indemnitee is not entitled to such indemnification under applicable law and the Company's amended and
restated certificate of incorporation and amended and restated bylaws.
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing
provisions, the Company has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable. The Company's maintains directors' and officers' liability insurance
for its officers and directors.
The Company maintains industry standard
policies of insurance under which coverage is provided to its directors and officers against legal liability for loss which is
not indemnified arising from claims made by reason of breach of duty or other wrongful act while acting in their capacity as directors
and officers of the registrant.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The list of exhibits is set forth under
"Exhibit Index" at the end of this registration statement and is incorporated herein by reference.
Item 9. Undertakings.
(a)	The undersigned registrant hereby
undertakes:
(1)	To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)	To include any prospectus
required by section 10(a)(3) of the Securities Act of 1933;
(ii)	To reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement;
(iii)	To include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement;
provided, however
, that
paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the undersigned registrant pursuant
to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
(2)	That, for the purpose of
determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(3)	To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)	The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the undersigned registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)	Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the undersigned registrant
pursuant to the foregoing provisions, or otherwise, the undersigned registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the undersigned registrant of
expenses incurred or paid by a director, officer or controlling person of the undersigned registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the undersigned registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Bethesda, State of Maryland, on June 29, 2015.
TERRAFORM POWER, INC.
By:
/s/
C
arlos
D
omenech
Z
ornoza
Name:
Carlos Domenech Zornoza
Title:
Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature appears below
constitutes and appoints Ahmad Chatila and Carlos Domenech Zornoza, and each of them, his true and lawful attorneys-in-fact and
agents, each with full power of substitution and resubstitution, severally, for him and in his name, place and stead, in any and
all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file
the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated below.
Signature
Title
Date
/s/
C
arlos
D
omenech
Z
ornoza
Chief Executive Officer and Director
(Principal Executive Officer)
June 29, 2015
Carlos Domenech Zornoza
/s/
A
lejandro
"A
lex
" H
ernandez
Chief Financial Officer
(Principal Financial Officer)
June 29, 2015
Alejandro "Alex" Hernandez
/s/
A
hmad
C
hatila
Director
June 29, 2015
Ahmad Chatila
/s/
B
rian
W
uebbels
Director
June 29, 2015
Brian Wuebbels
/s/
F
rancisco
"P
ancho
" P
erez
-G
undin
Director
June 29, 2015
Francisco "Pancho" Perez-Gundin
/s/
S
teven
T
esoriere
Director
June 29, 2015
Steven Tesoriere
/s/
M
artin
T
ruong
Director
June 29, 2015
Martin Truong
/s/
M
ark
L
erdal
Director
June 29, 2015
Mark Lerdal
/s/
M
ark
F
lorian
Director
June 29, 2015
Mark Florian
/s/
H
anif
"W
ally
" D
ahya
Director
June 29, 2015
Hanif "Wally" Dahya
INDEX OF EXHIBITS
Exhibit
No.
Description
4.1
Amended and Restated Certificate of Incorporation of TerraForm Power, Inc. (incorporated by reference  to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on July 25, 2014)
4.2
Amended and Restated Bylaws of TerraForm Power, Inc. (incorporated by reference  to Exhibit 3.2 to the Current Report on Form 8-K, filed with the SEC on July 25, 2014)
5.1
Opinion of Skadden, Arps, Slate, Meagher & Flom LLP
23.1
Consent of KPMG LLP, independent registered public accountants of TerraForm Power, Inc.
23.2
Consent of Ernst & Young LLP, independent registered public accountants of Imperial Valley Solar 1 Holdings II, LLC and Subsidiaries
23.3
Consent of Ernst & Young LLP, independent registered public accountants of First Wind Operating Entities
23.4
Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included as part of Exhibit 5.1)
24.1
Power of Attorney (included on signature page)
99.1
TerraForm
    Power, Inc. 2014 Second Amended and Restated Long-Term Incentive Plan (incorporated by reference to
    Exhibit     10.10     to the Registration Statement on Form S-1, File No. 333-196345, filed with the SEC on June 13,
    2014)