Renewable energy development company SunEdison has signed off on a 20-year power purchase agreement with the Rialto Unified School District in California for 8.4MW of solar energy. Finally, Zacks downgraded shares of Sunedison Semiconductor from a “buy” rating to a “hold” rating in a research report on Wednesday, July 29th. The immediate reaction to the announcement was negative, to say the least, with the stock price plunging below $20. Equity Analysts at the Firm maintains the price target to $35 per share.
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It is expected the solar panels will save the school district up to 20 per cent off its energy bill, equivalent to $1m in the first year alone. (NYSE:SUNE) with an average broker rating of 1.75. Cowen and Company reissued an “outperform” rating on shares of TerraForm Power in a research report on Tuesday, July 21st. SunEdison Semiconductor Limited has dropped 41.77% during the last 3-month period.
The company expects unlevered annualized CAFD for retained MW totaling USD 75 to USD 85 million in Q3, and USD 275m to 325m for the whole year. Year-to-Date the stock performance stands at -29.89%. The stock ended up at $22.45. The daily volume was measured at 20,684,655 shares. The 52-week low of the share price is at $13.085. SunEdison, Inc. has lost 10.49% in the last five trading days and dropped 24.37% in the last 4 weeks.
SunEdison Inc, formerly MEMC Electronic Materials, Inc., incorporated on October 1, 1984, is engaged in the development, manufacture and sale of silicon wafers. The Company also develops advanced substrates, such as epitaxial (NASDAQ:SEMI) wafers and wafers for the silicon-on-insulator (SOI) market. Its portfolio consists of solar and wind projects located in the United States, Canada, the United Kingdom, and Chile with an aggregate nameplate capacity of 1,507.3 Megawatts as of February 20, 2015. The Company operates the power generation assets of SunEdison, Inc. and its consolidated subsidiaries (SunEdison), and third parties. Company officials said they don’t expect SunEdison Semiconductor’s total capacity to change. The Company’s wafers vary in size, surface features, composition, purity levels, crystal properties and electrical properties.
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“During the second quarter, we continued to balance operational execution while meeting our strategic objectives”, comments Ahmad Chatila, SunEdison chief executive officer and TerraForm Power chairman.
