Boston, MA 03/05/2014 (wallstreetpr) – Solar Technology Company Sunedison Inc. (NYSE:SUNE) has entered into a contractual agreement with Deutsche Bank AG for a non-recourse debt refinancing. Sunedison will use this agreement as a base of entering the UK solar market where it plans to expand its operation and create more employment opportunities. Proceeds from the agreement will be used for the construction of a 56 megawatt utility scale in the UK, with the construction expected to begin as of the end of the year.
The debt portfolio will be of most benefit to Sunedison as it strives to accelerate its growth to cover more markets, the financing is also sure to boost the confidence of its partners. Sunedison could not finance the project on its own considering it ended the fourth quarter with cash and cash equivalents of $643.6 million down from $757.4 million reported in the prior quarter, the company’s long term debt currently stands at $875.8 million.
Sunedison rating
Sunedison Inc. (NYSE:SUNE) is currently rated as a “Hold” by TheStreet as its strengths continue to be seen in solid stock prices while also facing challenges involving the deterioration of its net income as well as low return on equity.
Sunedison Inc. (NYSE:SUNE) stock continues gaining in the market after gaining by highs of 211.80% in the past year alone and exceeding the market average in terms of growth. The major worry at the moment is the declining revenue that is lower compared to the industry average of 5.9%. Revenue in the past year alone slumped by highs of 8.2% with the drop hurting the company’s bottom line, causing a decline in earnings per share as a result. The company has continued to report a trend of declining revenue over the past year although many analysts are now optimistic the trend could change in the coming quarters.
Sunedison Inc. (NYSE:SUNE) was one of the top gainers in the solar industry with its stock surging by highs of 11.83% to close at high levels of $20.89 a share.
