SunEdison shows strong growth in Q2 2014, supported by yieldco launch

first_imgSunEdison shows strong growth in Q2 2014, supported by yieldco launchThe solar developer’s revenue grew 62% year-over-year in Q2 2014, and SunEdison ended the quarter with 475 MW of projects under construction. More importantly, the company held its yieldco IPO in July, as it moves towards a model of holding projects instead of selling them. August 7, 2014 Christian Roselund Finance Legal Markets Markets & Policy Share SunEdison has reported strong results for the second quarter of 2014, reporting a 62% year-over-year increase in revenues to US$646 million. The company completed 218 MW of projects, its second-highest volume to date, and grew its backlog and pipeline while ending the quarter with a large volume of projects under construction.Of these metrics, backlog may be the most telling, as this includes projects that hold power purchase agreements or feed-in tariff contracts. During the quarter SunEdison’s backlog grew 99 MW to 1.1 GW.SunEdison has been growing very rapidly over the last few years. The company expects to complete more than 1 GW of projects in 2014, which will give it a 95% annual rate of growth in volume over the last five years.Not only is SunEdison growing, but its business model is changing. In late July the company held an IPO for yieldco TerraForm Power, and SunEdison is holding an increasing volume of projects destined for this vehicle. Of the 218 MW of projects completed during the quarter, SunEdison retained 164 MW, around 50 MW more than the mid-point of its guidance.SunEdison owns 64% of TerraForm, and has remained clear that this strategy allows it to realize much more value over the long term. “TerraForm is an engine for value creation,” says CEO Ahmad Chatila. “Projects are simply worth more in TerraForm Power than outside it.”TerraForm is not the only yieldco that SunEdison is planning, and says that it has been contemplating yield vehicles for years. “We are thinking about others,” says CEO Ahmad Chatila. “We are not ready to announce exact dates.”Popular content The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. 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Yet sometimes, even when best practice is applied – and without particul… The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. The re… Solar park built on rough wooden structures comes online in France Gwénaëlle Deboutte 26 April 2021 pv-magazine.com French company Céléwatt energized its 250 kW ground-mounted array, built with mounting structures made of raw oak wood.April 26, 2021 Gwénaëlle Debo… Spanish developer plans 1 GW solar plant coupled to 80 MW of storage, 100 MW electrolyzer Pilar Sánchez Molina 22 April 2021 pv-magazine.com Soto Solar has submitted the project proposal to the Ecological Transition and the Demographic Challenge (Miteco). The solar plant could start produc… We all trust the PV performance ratio test Dario Brivio, Partner 20 April 2021 pv-magazine.com The performance ratio test is at the core of the handover from EPC to owner. Yet sometimes, even when best practice is applied – and without particul… The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… 123456Share Christian Roselund Christian Roselund served as US editor at pv magazine from 2014 to 2019. Prior to this he covered global solar policy, markets and technology for Solar Server, and has written about renewable energy for CleanTechnica, German Energy Transition, Truthout, The Guardian (UK), and IEEE Spectrum.More articles from Christian Roselund [email protected] Related content The weekend read: PV feed in, certified pv magazine 1 May 2021 pv-magazine.com As more renewable energy capacity is built, commissioned, and connected, grid stability concerns are driving rapid regulatory changes. 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