NEW YORK (TheStreet) -- Shares of SunEdison (SUNE) were gaining 1.6% to $31.70 Tuesday after the solar module maker announced the completion of a 1 MW canal top solar power plant for the Karnataka government in India.
SunEdison build the 1 MW solar power plant for Krishna Bhagya Jala Nigam Ltd, the Karnataka government agency in charge of the Krishna River and Dam.
The canal top solar power plant is built over water canals to create energy from solar power and to save water by shading the canal to reduce evaporation. The system also operates at cooler temperatures than traditional land-based systems and can generate more energy, according to the company.
"SunEdison is extremely proud to successfully install and commission this canal top system on the banks of the Krishna River for the Karnataka government," Pashupathy Gopalan, president of SunEdison Asia-Pacific said. "It is wonderful to see other state governments embrace this innovative use of solar technology, which was pioneered by SunEdison for the Narmada Canal Top Project in Gujarat in 2012."
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."