NEW YORK (TheStreet) --Shares of SunEdison Inc. (SUNE) are up 1.53% to $17.93 on Monday following news the developer and seller of photovoltaic energy solutions finished the sale of its 20 MW Adobe Solar Facility to The Southern Company (SO) and Turner Renewable Energy.
The project will provide clean and renewable energy to power 5,000 homes and is the fourth project the company has developed with The Southern Company and Turner Renewable Energy, SunEdison said.
The facility is based out of Kern County, California and the company expects the Adobe Solar Facility to generate $1.3 million in property tax revenue and $9.7 million in sales and use tax revenue for the country under the terms of a 20-year power purchase agreement.
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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."