Boston, MA 06/24/2014 (wallstreetpr) – Sunedison Inc (NYSE:SUNE) seeks to acquire solar farms of a total capacity of 50 megawatts in Massachusetts.
Sunedison, which has been rated the best performer in the solar industry this year, has proposed to buy solar projects from BlueWave Capital LLC. The buy- out includes as many as 12 projects the Boston based company, BlueWave, had developed together with Sunedison. Some of the projects from the line up are expected to be operational by the end of the month. This will be the biggest acquisition of the St. Peters, Missouri based solar developer.
Energy Savings
Sunedison Inc (NYSE:SUNE) estimates the projects to reduce electricity cost by of as much as $85 million in a period of 20 years. Additionally, it says, the projects would bring about carbon dioxide reductions equivalent to taking as many as 150,000 vehicles off the road.
Massachusetts, which is the No.6 state in terms of solar capacity installations in the U.S., has grown its solar capacity from 3 megawatts in 2007 to 518 megawatts this month. In 2013, the state was the third in total PV capacity deployed, most of which belong to commercial or utility enterprises.
Solar Stocks Surge
As Sunedison Inc (NYSE:SUNE) announced the plan on Friday, its shares surged 2.6%, which accounted for the company’s week ending 16% higher. The solar installer had made another announcement earlier in the week that it was acquiring Silevo Inc. The company seeks to establish its grounds in the solar panel manufacturing business with this step. With this news, the company was rallying 32% the whole week. Its shares have grown 180% over the last year and 73% since the beginning of this year.
The surge in solar stocks, which headed gains among other industry groups, was also impacted by the June 3 Commerce Department decision, which was based on unfair financial backing to Chinese manufacturers.
