General Electric Company (NYSE:GE)
During Friday’s Afternoon trade, Shares of General Electric Company (NYSE:GE), gained 1.70% to $30.78. The firm opened its current trade at $30.26, and as of now, it is trading at $30.78. The total volume traded for the day is 138.45M shares, as compared to its average daily volume of 124.31M shares. The stock is floating in a range of $30.21 - $30.99. The stock holds the market capitalization of $311.06B.
Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (CSIQ), one of the world’s largest solar power companies, recently declared that its wholly owned partner, Recurrent Energy, one of North America’s largest solar project developers, closed on a tax equity investment commitment with GE (GE) unit GE Energy Financial Services for the 100 megawatt (MWac) Astoria solar power project. Recurrent Energy also closed a debt facility for the Astoria project, presently under construction in California.
Recurrent Energy will be the managing member of the Astoria solar power project and plans to own and operate the facility. Santander Bank, N.A. (Santander) was the coordinating lead arranger of a five member bank club counting, NORD/LB, Rabobank, Key Bank, and CIT Bank, which will provide project-level construction debt, a letter of credit facility and a back-leveraged term loan facility, totaling about $260 million.
“GE is a widely respected renewable energy investor and we are proud to start this partnership for the Astoria project,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “It is also a privilege to continue our work with this group of lenders as our team continues a long history of successful solar development in Southern California.”
The Astoria project is GE Energy Financial Services’ latest renewable energy investment. The company committed over $2 billion in nearly two gigawatts of solar power projects worldwide and continues to invest $1 billion annually.
“The Astoria solar project, Santander’s fourth financing of a Recurrent Energy plant in the U.S. this year, is another milestone in our fruitful cooperation to build renewable energy projects,” said Jorge Camina, Head of Project Finance at Santander Bank. “This is another example of our commitment to support projects that are good for the environment and create jobs to assist stimulate the economy.”
General Electric Company operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment. Its Oil and Gas segment provides surface and subsea drilling and production systems, equipment for floating production platforms, compressors, turbines, turboexpanders, reactors, industrial power generation, and auxiliary equipment.
Sunedison Inc (NYSE:SUNE)
Shares of Sunedison Inc (NYSE:SUNE), dipped -1.75% to $2.81, during its Afternoon trading session, after a downgrade to “neutral” from “overweight” at JPMorgan this morning.
The firm cut its price target to $5.50 from $19 on the stock.
SunEdison will likely “escape the ongoing liquidity crisis,” but at a high cost due to mergers and acquisitions over-commitment, lower cash flow from its YieldCos and greater use of high-cost financing options, JPMorgan said in a note.
The solar company is capable of avoiding bankruptcy, but risks comprise its ongoing negotiations with Vivint Solar (VSLR) and Brazil’s Renova Energia, and the need to pivot to DevCo cash sales at “decent margin against the backdrop of distractions,” JPMorgan adds.
“We think the stock is somewhat undervalued, the firm’s development and operational assets are high quality, but the situation is complicated, fluid and risky, so we move to the sidelines, deeply disappointed that we did not do so ahead of the ‘death-spiral,'” the firm said in a note.
On the other hand, 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, according to Reuters
Yieldcos are supposed to be safe bets for people looking to invest in the volatile solar market, which is why SunEdison’s decision has prompted a selloff in its stock and raised fresh questions about the viability of the yieldco model.
SunEdison, run out of Belmont, California, has lost two-thirds of its value since it said on Oct. 7 that it would halt so-called “asset drop downs”. The company’s stock hit a three-year low of $2.55 on Friday. Reuters Report
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.
Bank of America Corp (NYSE:BAC)
Finally, Shares of Bank of America Corp (NYSE:BAC), dropped - 0.31%, and is now trading at $17.64.
On November 17, Bank of America Merrill Lynch released its 2016 CFO Outlook recently, reporting that CFOs rate the U.S. economy is at its highest level since the 2008 recession and predict continued growth for their companies and workforce in 2016.
In a survey of 500 financial executives from companies with annual revenues ranging from $25 million to $2 billion, a majority of CFOs report the outlook for the economy and their companies as increasingly positive.
International expansion
In 2016, 61 percent of companies surveyed report they will have some foreign market involvement, with 48 percent buying from foreign markets, 41 percent selling to foreign markets, and 21 percent having operations outside the U.S. The top three regions where these companies will have international operations are Asia (62 percent), Europe (61 percent), and Latin America (50 percent).
Seventeen percent of U.S. companies report they are planning to improvement their foreign operations within the next two years, either by expanding current operations or establishing new ones.
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments. Its Consumer and Business Banking segment offers a range of deposits and consumer lending services.
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