NEW YORK (TheStreet) -- SunEdison Inc. (SUNE) and Aboitiz Renewables Inc., a wholly-owned subsidiary of Aboitiz Power Corp. (ABZPF) , agreed to develop and operate up to 300 megawatts of solar power plants in the Philippines over the next three years, according to SunEdison.
The U.S. solar energy company signed an agreement with the Aboitiz Power unit as they aim to develop the first in a series of utility-scale solar power projects starting in 2015, the company said.
This follows similar arrangements by SunEdison in India and China through continued leverage of its ability to deploy cost-effective solar energy solutions to meet the growing power needs of developing and emerging power markets, the company added.
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Shares of SunEdison are down 0.67% to $17.69.
Separately, TheStreet Ratings team rates SUNEDISON INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity and poor profit margins."