Why SunEdison (SUNE) Stock Is Up Today

NEW YORK (TheStreet) -- SunEdison  (SUNE) rose Wednesday after the company announced it had received $104 million from Deutsche Bank AG for two solar power projects in Canada.

The company will use the funds from Germany's largest lender for two solar farms in Ontario with a total capacity of 33 megawatts. The farm will be made up of more than 100,000 SunEdison Silvantis Photovoltaic Solar Modules manufactured in Ontario, according to a statement. The company expects to complete the projects by the end of 2014.

SunEdison has raised more than $6 billion for renewable-energy projects globally and has completed more than 130 megawatts of solar farms in Ontario.

SunEdison surged Tuesday after David Einhorn's Greenlight Capital  ( GLRE) hedge fund announced it had made a significant investment in the company and valued SunEdison at approximately $35 a share.

The stock was up 2.13% to $20.49 at 12:19 p.m. on Wednesday.

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Separately, 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."

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