SunPower Corp Posts Bigger Quarterly Loss
U.S. solar company SunPower Corp reported a bigger loss on Tuesday, hurt in part by higher costs. The company, which is majority owned by France's Total SA , said its net loss attributable to shareholders widened to $134.5 million, or 97 cents per share, in the first quarter ended April 2, from $85.4 million, or 62 cents per share, a year earlier. Total revenue rose to $399.1 million from $384.9 million. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta)
U.S. Military Marches on Green Energy
President Donald Trump and his top advisors have often scoffed at government support of green energy. But the largest U.S. government agency - the Department of Defense - plans to forge ahead under the new administration with a decade-long effort to convert its fuel-hungry operations to renewable power, senior military officials told Reuters. The reasons have nothing to do with the white-hot debate over climate change. In combat zones, green energy saves lives by, for instance, reducing the need for easily attacked convoys to deliver diesel fuel to generators at U.S. bases.
Total's Marketing Head to Quit, Eyes Solar Power
Total said on Friday executive committee member and new energies head Philippe Boisseau, who led the oil major into solar power, would quit next month and confirmed a newspaper report it aims to produce solar energy within two decades. Boisseau, also head of marketing and services, will be replaced from April 15 by Momar Nguer, 59, senior vice president for Africa and Middle East marketing and services, Total said on Friday. Philippe Sauquet, president for refining and chemicals and a member of the executive committee, was named interim president for new energies.
SunEdison's Problems May Impact Solar Yieldcos
SunEdison Inc's decision to halt sales of solar power plants to its dividend-paying "yieldco" units has drawn attention to the company's missteps at a time when the oil price slump has claimed renewable energy stocks as collateral damage. So-called yieldcos are publicly traded entities that house solar and wind projects sold to them by their parent companies. These units have long-term agreements to sell power, giving them stable cash flows, but they are dependent on the transfer of assets from their parents to increase dividends.
Oil Major Total to Step up Solar Power Play
Solar energy could account for up to 15 percent of French oil major Total's assets by 2030, Chief Executive Patrick Pouyanne told French daily Le Monde on Friday. Pouyanne, who was appointed CEO a little more than a year ago, said that Total had invested $3 billion in solar, which now accounts for 3 percent of the group's assets. "We believe this is a growing market and that, in about 15 years, it will no longer 3 percent of our portfolio, but about 10 to 15 percent," he was quoted as saying.
Solar is Hot Everywhere but Wall Street
By almost any measure, the U.S. solar market is on fire. Installations of solar panels are expected to soar by a third this year, the price of solar power is now cheap enough to compete neck and neck with gas and coal-fired power in places like California, and the fledgling industry received a vote of confidence last week when U.S. President Barack Obama announced a groundbreaking plan to curb power plant emissions. Even China's currency devaluation could cut panel costs for U.S. solar installers.
SunPower, Apple to Build Solar Projects in China
Solar panel maker SunPower Corp said it would partner with Apple Inc to build two solar power projects in China's Sichuan province with total capacity of 40 megawatts. The projects, when complete, will be co-owned by Apple and Sichuan Shengtian New Energy Development Co Ltd, SunPower's project development joint venture. Completion of the projects, which are expected to provide up to 80 million kilowatt-hours per year, is expected in the fourth quarter of 2015, SunPower said. SunPower's shares were up 4 percent at $34.75 before the bell on Thursday.
NextEra's Hawaii Deal Faces Concerns from Solar Players
NextEra Energy Inc's $4.3 billion plan to buy Hawaiian Electric Industries Inc has made solar companies uneasy, worried that the deal would reverse the island state's push to decentralize its power grid. In documents filed with Hawaii's utility regulator, SunPower Corp, SunEdison Inc and a group backed by SolarCity say they are worried the acquisition would be bad for their businesses, many of which have grown dramatically in the Aloha State in just a few years. The deal, announced in December, needs Public Utilities Commission approval.
Fidelity's Wymer: Oil Plunge Does Not Cloud Solar Bet
One of Fidelity Investments top stock pickers said he remains positive on solar power despite a drop in oil prices that hurt shares of First Solar Inc and dragged on his own portfolio's performance. Steven Wymer, who runs the $42.3 billion Fidelity Growth Company Fund, is the biggest fund investor in First Solar, a large maker of photovoltaic panels for power systems. Still, his fund's 6.80 percent total return in the fourth quarter beat the 4.93 percent advance of the Standard & Poor's 500 Index.
SunPower Forecasts Lower-than-Estimated 2015 Profit
SunPower Corp, the second-largest maker of solar panels in the United States, forecast a much lower-than-estimated 2015 profit, sending its shares down 11 percent. The company expects to earn between $1.10 and $1.50 per share, excluding items, for the next year. Analysts on average were expecting an adjusted profit of $1.69 per share, according to Thomson Reuters I/B/E/S. The company's shares were down 8 percent at $26.83 in early trading on the Nasdaq. (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Maju Samuel)
Some Fund Managers Take Shine to Pricey Solar Stocks
Some notable fund managers are betting on solar energy shares, expecting a wave of industry consolidation and lower costs to pay off for the notoriously volatile industry. The optimists, a mix of specialized environmental managers and mainstream investors, are going against several trends, since solar companies have already had a sizeable run-up this year and more fund managers have been selling the stocks than buying them. That has not deterred Fidelity Growth Company Fund manager Steve Wymer…
SolarCity Raises Forecast As Demand For Solar Installations Rise
SolarCity Corp, the largest residential solar panel installer in the United States, raised its full-year forecast for installations after reporting a smaller first-quarter loss. SolarCity's shares rose as much as 9 percent after the bell. The company said on Wednesday it expects to deploy 500-550 megawatt (MW) this year, up from its previous forecast of 475-525 MW. SolarCity, which is backed by Tesla Motors Inc founder Elon Musk, has taken off as it allows homeowners to spread payment for solar panels over 20 years.
