SunEdison Reports Net Loss On Record Installations

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The world’s newest largest renewable energy company, SunEdison, has released its fourth quarter 2014 financial results, and it’s good news-bad news, with record installations but a net loss of $242.1 million.

SunEdisonLate 2014 SunEdison announced its intention to acquire wind energy developer, First Wind, in cooperation with its newly founded yieldco, TerraForm. The deal was closed late January, 2015, following efforts to raise $590 million towards the acquisition.

The acquisition will pour new and existing projects into the TerraForm pipeline, leaving SunEdison to acquire equity interests and certain of First Wind’s subsidiaries, “thereby acquiring a leading wind development and asset management platform.”

“With the acquisition of First Wind, SunEdison becomes the leading renewable energy developer in the world,” said Ahmad Chatila, President and Chief Executive Officer of SunEdison, at the time of the acquisition. “This acquisition enhances SunEdison’s global offering and adds a talented wind development and asset management team. By combining SunEdison’s leading solar development platform with First Wind’s platform, SunEdison is well positioned to drive significant growth in global renewable energy markets, and deliver immediate shareholder value.”

Less than a month later, and SunEdison had to inform its investors that it had produced a net loss of $242.1 million in the fourth quarter of 2014 — the same quarter that saw the announcement of their First Wind acquisition. This dropped earnings per share (EPS) down to 89 cents per share, which, while down on the third quarter’s $1.06 EPS and Q4’13’s $1.07 EPS, still significantly surpassed analysts expectations of 33 cents per share.

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The company also boasted record installation figures for the fourth quarter and full year, with 383 MW and 1,048 MW respectively.

“During the fourth quarter, we continued our record of strong execution as we reached new quarterly and annual milestones by completing all-time highs of 383 MW during the quarter and 1,048 MW for the year while growing our pipeline to 5.1 GW and our backlog to 2.6 GW,” said Ahmad Chatila, Chief Executive Officer.

“In addition, we made the transformative announcement to acquire First Wind, a leading wind developer,” Chatila continued. “The transaction, which has subsequently closed in the first quarter, has positioned SunEdison as the leading renewable power plant developer in the world and will further accelerate our growth and be additive to our fourth quarter pipeline.”

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Joshua S Hill

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