Late Thursday, SunEdison announced that the 20.1 million shares up for grabs would be sold at $25, higher than the $23-$25 range it had indicated previously – and the initial $19-$21 it had suggested.

The $25 price tag left TerraForm Power’s total raise just north of $500m.

But even at $25, investors smelled a deal, with shares – trading under the ticker symbol TERP – surging by 36% to about $34 by midday on 18 July.

TerraForm’s