TerraForm Power Inc. (NASDAQ: TERP), another spin-off from SunEdison Inc. (NYSE: SUNE), opened its first day of trading Friday morning at $33.85, more than 33% above its initial public offering (IPO) price of $25. The IPO price Thursday was a range of $23 to $25, after being revised from its original range of $19 to $21.

TerraForm Power is a “yieldco,” a company formed to hold the cash-generating assets of its parent company’s clean energy assets. Several yieldcos have hit the market since NRG Yield Inc. (NYSE: NYLD), which came public last July. NRG Yield’s share price has jumped 90% since its IPO. In mid-June of this year, Spanish energy company Abengoa S.A. (NYSE: ABGB) spun-off Abengoa Yield PLC (NASDAQ: ABY) and shares have risen about 8.5% since the IPO. Pattern Energy Group Inc. (NASDAQ: PEGI) came public last September, and its shares have gained 42% since the IPO.

TerraForm Power offered 20.1 million shares and raised about $500 million in its IPO, valuing the company at around $2.4 billion. SunEdison will retain nearly 95% of the voting power in the company. The IPO’s underwriters have a 30-day option on another 3 million shares.

In addition to the IPO, TerraForm also received gross proceeds of approximately $65 million from two private placements of Class A common shares.

TerraForm Power’s shares were trading at $33.48 in the late morning, up nearly 34% from the IPO price.

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