The solar developer will spend the money it received for four solar parks in Swindon, Wiltshire, north Devon and northern Essex. Combined, the solar parks will total 56 megawatts. SunEdison will complete the projects by the end of March and sell each park to Foresight Solar Fund FSFL.
"We are entering the UK solar market with a project portfolio while expanding our relationship with Deutsche Bank, this demonstrates our ability to utilize existing relationships to enter new markets and facilitate the expansion of our utility business without impacting our balance sheet," Jose Perez, SunEdison's President of EMEA and Latin America said in a press release. "We view the United Kingdom as a high-growth market for solar and for our company, we are looking forward to supporting economic growth for the United Kingdom through solar projects that create jobs and support the local economy while delivering predictably priced energy."
Must read: Henry Schwartz Analysis: SUNE
TheStreet Ratings team rates SUNEDISON INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock price performance. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."