SunEdison announced financial results for the 2015 second quarter. The shipment, pipeline, capacity of projects under construction, total pipeline and backlog, as well as guidance, were all increased quarter-on-quarter or year-on-year, or both.
Quarterly Review:
SunEdison Devco: Unmatched Organic Execution
- Record 404 MW delivered Q2 vs. guidance of 300-340 MW; up 186 MW year-over-year
- 1.9 GW of projects under construction, up 1.1 GW quarter-over-quarter
- 8.1 GW Pipeline and 5.6 GW Backlog, 1.0 GW of gross pipeline additions
- 4.2 GW - 4.5 GW 2016 guidance initiated, up 50 percent vs. prior outlook
TerraForm Power: Delivering World Class Execution and Growth
- $65 million Q2 cash available for distribution, $0.335 DPS
- $1.35 2015 DPS guidance on track, up 50 percent since IPO
Platform Transformation: Largely Complete
- #1 Global Renewable Utility Scale Developer
- DG leadership with Vivint Solar acquisition
- GLBL IPO delivers widest geographic coverage of peers
- SunEdison Semiconductor: remaining shares sold down during the quarter
"During the second quarter, we continued to balance operational execution while meeting our strategic objectives. On the operations front, our leading organic development engine continues to execute as we exceeded our megawatt (MW) and Retained Cash Available for Distribution (CAFD) guidance, delivering 404 MW and $63 million, respectively," said Ahmad Chatila, SunEdison chief executive officer and TerraForm Power chairman. "In addition, TerraForm Power delivered $65 million of CAFD and continues to create value for shareholders with its leading DPS growth. Finally, we have largely completed our platform transformation with the agreement to acquire Vivint Solar, a leader in residential solar, as well as the IPO of our Emerging Markets-focused asset ownership platform, TerraForm Global."
