Energy Stock Buzz: SunEdison, Inc. (NYSE:SUNE)
During the pre-market trade, SunEdison, Inc. (NYSE:SUNE), declined almost -7.10% or -1.03 points, as U.S. crude oil prices fell to almost $40 a barrel on Thursday, their lowest since the global financial crisis of 2009, as supplies rose in North America and the Middle East, filling stockpiles to record levels, according to Reuters.
Oil has lost a third of its value since June on high U.S. production, record crude pumping in the Middle East and concern about falling demand in Asian economies. Reuters Reports
All the main oil futures contracts looked to be heading lower, PVM Oil Associates director and technical analyst Robin Bieber told Reuters.
The past week was worst for SunEdison, Inc. (NYSE:SUNE), at the stock markets. The firm’s shares declined -10.09% in the past week while it dipped by -57.38% in the past four weeks. The YTD performance as recorded by the firm stands at -29.58% while it has fallen by -53.94% in the past three months.
According to the latest news report, the worlds largest renewable energy development company, declared that it has closed financing and begun construction on one of its largest solar power plants to date, the 156 megawatt (MW) DC / 120 MW AC Comanche Solar project in Pueblo, Colo. When accomplished, the Comanche Solar project will be the largest solar power plant east of the Rocky Mountains.
The Comanche solar power plant will be the largest in Colorado and is predictable to produce more than 300 gigawatt-hours of energy a year, enough to power about 30,000 Colorado homes. The solar power plant will avoid the emission of more than 478 million pounds of carbon dioxide, the equivalent of taking more than 45,000 passenger vehicles off the road.
Public Service Company of Colorado, a partner of Xcel Energy (XEL) with more than 1.4 million customers, will purchase electricity generated by the solar power plant under a 25-year power purchase agreement with SunEdison. The power contract was awarded as part of an open solicitation where Comanche Solar was selected as preferred to other forms of energy, counting natural gas.
SunEdison, through the Comanche Solar project, is assisting move us in the right direction. It demonstrates that large-scale solar power can play an increasingly larger role in our customers energy future at a competitive price point, said David Eves, president of Public Service Company of Colorado, an Xcel Energy company. Our participation in this project demonstrates that Xcel Energy is committed to providing customers the clean energy they want, at an affordable price.
Construction has commenced on the project and will be managed by Renewable Energy Systems Americas Inc. (RES), based in Broomfield, Colo., a leader in the development, engineering, and construction of wind, solar, transmission, and energy storage projects.
SunEdison attained Comanche Solar in 2014 from the original developer, Community Energy, based in Boulder, Colo. The solar power plant is predictable to be accomplished during the first half of 2016. Wells Fargo is providing tax equity for the project.
7 analysts have given 1.86 (Buy) rating to the firm, on an average. Two equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation, and three have assigned a strong buy recommendation to the company. Sunedison’s rating score has declined by 28.3% in the last three months because of a number of analysts’ ratings changes.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials. The Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, operations, and maintenance portions of the downstream solar market. It also manufactures polysilicon, silicon wafers, and solar modules.