SunEdison and Dominion Resources form JV for 420MW Four Brothers solar project

JPMorgan Chase & Co. raised their price target on shares of TerraForm Power from $40.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. However, the Zacks Consensus Estimate also moved down over the same time frame, signaling trouble down the road. The Company intends to acquire other clean power generation assets, including wind, natural gas, geothermal and hydro-electricity, as well as hybrid energy solutions that enables the Company to provide contracted power. They issued an outperform rating and a $44.00 target price on the stock. Northland Securities boosted their price objective on shares of Sunedison from $39.00 to $42.00 and gave the company an outperform rating in a research note on Tuesday, July 21st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the stock.

Infrastructure investors Macquarie Capital and John Hancock hold equity in TerraForm Private Warehouse alongside SunEdison. 58,524,647 shares of the stock traded hands. The company has a market cap of $4.71B and a P/E ratio of 0. The stock has a 50 day moving average price of $27.05 and a 200 day moving average price of $25.93. The 52-week high of the share price is $33.45 and the 52-week low is $13.085. The consensus analyst estimates according to First Call for the next quarter is 0.13. During the same period in the previous year, the firm posted $0.12 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. The brokerage now has a buy rating on the stock. The Company operates in three segments: Solar Energy, TerraForm Electricity and Semiconductor Materials through SunEdison Semiconductor Ltd. (SSL).

The project involves a 20-year power purchase agreement with PacifiCorp, a subsidiary of Berkshire Hathaway Energy.

SunEdison Europe, the Middle East and Africa, and Americas executive vice-president Paul Gaynor said: “This solar project will bring clean, affordable electricity to Utah residents and businesses while providing attractive returns for its owners”. The Company’s Solar Energy section supplies solar energy services which incorporate the look, installation, funding, monitoring, operations as well as maintenance portions of the downstream solar marketplace for the customers of the Company. The Company’s Semiconductor Materials segment includes the manufacture and sale of silicon wafers.