SolarCity Corporation (NASDAQ:SCTY) [Detail Analytic Report] reported that it has finalized its first cash equity deal with partner John Hancock Financial. John Hancock is spending $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 including solar renewable energy credits linked with the projects and holds ownership of the assets and continues to service the customers.
Radford Small, Executive VP of Global Capital Markets at SolarCity commented that they’re proud to partner with John Hancock, one of the most trusted brands in insurance and financial services, on this 20-year investment in their residential and commercial solar contracts. Cash equity enables SolarCity to monetize a high percentage of cash flows to maximize upfront financing proceeds. This deal is an exciting addition and diversification of their long-lasting financing options for solar assets.
Recep Kendircioglu, Managing Director, Power & Infrastructure at John Hancock stated that they are pleased to partner with SolarCity in this deal which represents an excellent opportunity to acquire long-standing, contracted cash flows in renewable energy. This investment further supports the commitment of John Hancock to clean energy and sustainability.
One of the world’s largest solar power firms, Canadian Solar Inc. (NASDAQ:CSIQ) [Detail Analytic Report] revealed that it will hold a conference call on May 11, 2016 at to discuss the firm’s first quarter 2016 results and business outlook. Shares of Canadian Solar dropped -1.21 percent in last trading session while slumped over 43 percent since the beginning of year.
This week on Wall Street, CSIQ was definitely stealing the show from rest of titans as stock mean recommendation from pool of analysts was 1.6, comparatively equal to last week’s mean recommendation. On a scale of 1-5 (Strong Buy- Sell) stock mean target was for 30.24 while the highest it touched was 45.00. For current month, out of the pool analysts, 8 recommended for a “Hold” , 21 gave recommendation for “Buy” , 2 analysts gave underperform ratings and 17 gave preference to Strong Buy.
On the other side, Canadian Solar recently reported that Jianyi Zhang has been appointed as Senior Vice President, General Counsel and Chief Compliance Officer of the firm. Most recently, Zhang served, consecutively, as senior advisor to Chinese law firms of Jingtian & Gongcheng Law Firm, Runbo Law Firm, East Associates Law Firm and East & Concord Partners in Beijing. Before that, Zhang held a senior assistant general counsel role at Walmart Stores. Prior to joining Walmart Stores, Zhang worked for Troutman Sanders LLP as a partner. Shawn Qu, Chairman and CEO of Canadian Solar stated that he is delighted to welcome Jianyi to the Canadian Solar team. Jianyi brings to them deep legal expertise and a breadth of experience with prominent global firms.
First Solar, Inc. (NASDAQ:FSLR) [Detail Analytic Report] disclosed in last week that Mark R. Widmar, current Chief Financial Officer has been selected as Chief Executive Officer, effective July 1, 2016. He will also join the First Solar Board of Directors at that time. As part of a transition plan, Widmar will succeed James A. Hughes, who intends to step down as Chief Executive Officer effective June 30, 2016. Hughes will continue to support the firm in an advisory role and remain on the Board. Widmar has worked as Chief Financial Officer of First Solar since 2011 and served as First Solar’s Chief Accounting Officer from February 2012 through June 2015, overseeing the firm’s industry best balance sheet and strong financial performance.
Michael J. Ahearn, Chairman of the Board of First Solar stated that leadership succession planning has been a joint effort between Jim and the board. As they enter a new phase of growth and development for the firm, they believe that Mark’s proven leadership and expertise make this an ideal time for him to take the helm. Under Jim’s astute guidance, First Solar achieved the strongest technology position in their history, with record bookings of new business and unparalleled financial strength in the industry. They are grateful for Jim’s many contributions to First Solar, and they look ahead to benefiting from his continued involvement as an advisor and director.
Widmar added, he look ahead to the opportunity to lead First Solar at this exciting time and build upon the success of the past. He also look forward to continuing to work with their Board, management team and associates to leverage their enhanced technology and operational strength, establish deeper customer intimacy, and to capitalize on industry growth. By utilizing their business model that emphasizes a disciplined and balanced approach to growth, liquidity and profitability, they are confident in their ability to deliver superior results to their investors.