Vivint Solar Reports Quarterly Profit on Lower Costs
U.S. solar company Vivint Solar Inc reported a quarterly profit on Tuesday compared with a year-ago loss, helped by lower costs. The company, which largely caters to the residential solar market, reported net income attributable to shareholders of $13.3 million, or 11 cents per share, in the first quarter ended March 31, compared with a loss of $31.2 million, or 29 cents per share, a year earlier. The company recorded a one-time impairment charge of $36.6 million in the year-ago quarter. Excluding items, the company's loss narrowed to 50 cents per share from 65 cents.
SunEdison at Risk of Bankruptcy; Shares Plummet
U.S. solar company SunEdison Inc , whose aggressive acquisition strategy has saddled it with more than $11 billion of debt, is at "substantial risk" of bankruptcy, one of its two publicly listed units warned on Tuesday. SunEdison's shares - already reeling from a Wall Street Journal report that the company was being investigated for overstating its cash position - fell as much as 43 percent in premarket trading. TerraForm Global Inc, one of two SunEdison "yieldcos", said it would join its parent and fellow yieldco TerraForm Power Inc in delaying its annual report for the year ended Dec.
SunEdison Cuts Cash Portion of Vivint Solar Offer
Solar company SunEdison Inc said it cut the cash portion of its offer for Vivint Solar Inc by $2.00 to $7.89 per share. SunEdison's shares jumped 21.4 percent to $4.25 in early trading on Wednesday. The company said the stock component of the offer has been raised by 75 cents per share. SunEdison also said Blackstone Group LP had entered into a commitment to provide a $250 million credit facility. SunEdison said its yieldco, TerraForm Power Inc, will acquire Vivint Solar's…
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.
SunEdison to buy Vivint Solar for about $2.2 bln
Solar company SunEdison Inc said it would buy Vivint Solar Inc in a deal valued at about $2.2 billion, including debt, to expand in the residential and commercial solar power business. SunEdison has offered Vivint shareholders $9.89 in cash, $3.31 in stock and $3.30 in notes for every share held. The offer works out to $16.50 per share, a 51.7 percent premium to Vivint's Friday close. Vivint's shares were up 44 percent in premarket trading on Monday. Demand for rooftop solar…
Vivint Solar Shares Rise 9% in Debut
Shares of Vivint Solar Inc, the second-largest installer of residential solar panels in the United States, rose as much as 9 percent in their market debut on the New York Stock Exchange, valuing the company at about $1.84 billion. Vivint raised about $330 million after it sold all 20.6 million shares offered at $16 per share, the low end of the expected range of $16-$18. Blackstone Group LP, which owned 97 percent of Vivint before the IPO, did not sell any shares but its stake was diluted to 78.2 percent.
