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Market Overview

Sunedison To Spin Off Another Yieldco; Strikes Deal On Emerging Market Assets


Sunedison Inc (NYSE: SUNE) gained more than 8 percent Thursday after filed for an initial public offering of a unit that will run some of Sunedison's non-U.S. operations as a Yieldco.

But stocks of a number of smaller, mostly China-based companies in the sector were trading lower Thursday.

Separately, Sunedison said it obtained access to $537 million for seven acquisitions in emerging markets. Funds include $175 million of investments from Blackstone, Everstream and Altai, and $362 million in debt from a banking consortium.

Sunedison's acquisition announcement didn't connect the deals to its proposed initial public offering Terra Global Power Inc., a subsidiary of SunEdison formed to own and operate power generation assets in emerging markets.

The number of Tera Global shares to be offered and and pricing haven't been determined.

The proposed offering follow's Sunedison's IPO last year of TerraForm Power Inc. (NASDAQ: TERP), which owns and operates U.S. power plants.

Also separately, Sunedison on Thursday posted a first quarter net loss from continued operations of $0.92 a share, on sales of $323 million.

Wall Street expected revenue of $491.8 million.

Sunedison traded recently at $26.97, up 8.6 percent.

Sector Movers

Also on Thursday, the far smaller Canadian Solar Inc (NASDAQ: CSIQ) posted first quarter income of $1.04 a share, compared with $1.28 a share last year.

Canadian Solar shares dropped 1 percent to $34.30.

Canadian Solar offered an upbeat forecast that cited higher U.S. demand ahead of the investment tax credit expiration in 2016 and higher solar targets set by the Chinese government.

Hanwha Q Cells Co. Ltd. (NASDAQ: HQCL) shares dropped more than 6 percent recently to $2.05, while China Sunergy Co Ltd (NASDAQ: CSUN) fell about 3 percent to $1.82.

Yingli Green Energy Hold. Co. Ltd. (NYSE: YGE) dropped 13 percent to $1.56 recently and JinkoSolar Holding Co., Ltd. (NYSE: JKS) dipped 1.7 percent to $26.67.


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Posted-In: YieldCoNews Asset Sales Movers

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