SolarCity Corporation (NASDAQ:SCTY) [Detail Analytic Report] revealed that it has completed its first cash equity transaction with partner John Hancock Financial. John Hancock is investing $227 million in a diversified portfolio of residential, commercial and industrial solar power projects that collectively represent 201 megawatts of generation capacity.
SolarCity monetizes the majority of 20-years of underlying cash flows, comprising solar renewable energy credits (SRECs) associated with the projects, and retains ownership of the assets and continues to service the customers. SolarCity retains a minority share of annual cash flows throughout the contract term as well as 99% of post-contract cash flows. The transaction raised $3.00 of financing per watt of solar generation capacity for SolarCity including tax equity investments, upfront rebates and prepayments; a blend of $3.24/watt for residential projects and $2.35/watt for commercial projects.
Noting a main crunch of analyst research by WSJ, SCTY under observation of quarterly per share earnings, it has second quarter 2016 trend of $-2.34, while in next quarter estimated EPS trend is $-2.14 and for annual basis for 2016 estimated EPS is $-9.13. Relatively pool of WSJ analyst issues diverse rating, as for current level it has 9 experts rated as “BUY” security, 1 analyst recommend as “Overweight,” and 10 experts rated as “Hold”.
Marvell Technology Group Ltd. (NASDAQ:MRVL) [Detail Analytic Report] released that firm has received written notification from Nasdaq that, following Marvell’s hearing before The Nasdaq Hearings Panel on April 14, 2016, it has granted the Company an extension of time to September 6, 2016 to regain compliance with continued listing requirements. Until that time, shares of Marvell stock will remain listed on The Nasdaq Stock Market.
On February 22, 2016, the Audit Committee approved the engagement of Deloitte & Touche LLP as the Company’s new independent public accounting firm. On March 1, 2016, the Company reported the results of the Audit Committee’s independent investigation of certain accounting and internal control matters.
SunPower Corporation (NASDAQ:SPWR) [Detail Analytic Report] released that construction has started on 11.4 megawatts (DC) of solar power systems to power public facilities operated by the County of Santa Clara in California. The County will own the systems, as well as their associated renewable energy credits. SunPower will construct a total of six systems at County facilities, all of which are expected to be operational by the end of 2016. SunPower estimates that the equivalent amount of electricity generated by the systems when they are operational could power more than 6,000 electric vehicles for 30 years.
SunPower president, business units, Howard Wenger stated that SunPower works with public agencies that require innovative, effective approaches to managing energy costs without cutting services in their communities. Solar makes sense for counties and municipalities because it’s cost-competitive, fast to install, and supports sustainability goals. We are particularly pleased to serve the interests of the County of Santa Clara, where SunPower has been headquartered for 30 years, with high performance SunPower solar power systems that will maximize long-term value.