NEW YORK (TheStreet) -- Shares of SunEdison (SUNE) are rallying 4.48% to $30.77 in Friday's afternoon trading session after the solar project developer sealed a deal with the electricity supply company Southern California Edison to install 33 megawatts of rooftop solar.
"We are very pleased to be working with Southern California Edison to modernize and upgrade the utility grid," SunEdison's managing director Sam Youneszadeh said.
"As this project demonstrates, solar systems can be sized and strategically located to provide maximum benefit to both the utility grid and California homeowners and businesses," he added.
Scheduled to be operational in 2016, the 33 megawatts of rooftop solar will be spread across 17 rooftop solar projects located in industrial sections of Orange, Riverside, San Bernardino, and Los Angeles Counties, the company said.
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. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and weak operating cash flow."