Following Energy stocks are among the “Most Active” Stocks in the course of last trading session, Wednesday: SolarCity Corp (NASDAQ:SCTY), Sunedison Inc (OTCMKTS:SUNEQ)
Shares of SolarCity Corp (NASDAQ:SCTY) dropped -2.44% to $20.00 on Wednesday. The share price is trading in a range of 19.87 – 21.20 (Price in Dollars). The stock exchanged hands with 5,653,011 shares contrast to its average daily volume of 5,818,980 shares. During the most recent trading day, the stock’s price shifted up +22.62 percent from its 52-week-low while -68.31 percent lower from its 52-week high. According to Buffalo News, The leader of the Assembly signaled support Wednesday for Buffalo’s SolarCity project at RiverBend but cautioned that his house is still doing its “due diligence” on the Cuomo administration’s request for $485 million to complete the solar panel factory in South Buffalo.
“On the merits of it is a belief that it’s a worthwhile project,” Assembly Speaker Carl E. Heastie, D-Bronx, said of the SolarCity project.
“We don’t want to see worthwhile projects end. We know this is important to the City of Buffalo, and I think at the end, when we do our due diligence, things will work out,” Heastie said in a brief session with reporters outside his office in the State Capitol.
Gov. Andrew M. Cuomo, in an appearance in Rochester on Wednesday afternoon, defended the Buffalo Billion economic-development program.
“It has been a godsend for Buffalo,” Cuomo said of the program, which includes the SolarCity project. “The program is working, and it’s doing good things, and it’s generating jobs, and Buffalo needs jobs.”
The governor reiterated many of the same points he made a day earlier in Manhattan, including his “zero tolerance” for fraud and abuse. Buffalo News Report
Shares of Sunedison Inc (OTCMKTS:SUNEQ), inclined 2.99% to $0.134. The 52-week range of the share price is from 0.13 – 0.14 (Price in Dollars). The beta value for this stock stands at 2.96 points. The company has total market capitalization of $42.63M. According to windpowermonthly, TerraForm Power and TerraForm Global own almost 2.1GW of wind projects globally.
As of mid-May, the yieldcos’ stock value had dropped dramatically since last summer, when SunEdison’s financial turmoil started to escalate.
Yieldcos have also slumped in general. Such companies typically hold renewable-energy assets, including — as in SunEdison’s case — wind projects bought from the parent company.
TerraForm Power owns more than 1.5GW of wind projects mostly in the US, equivalent to just over half of its 3GW in assets. TerraForm Global has 545MW of wind projects — almost 65% of its assets — in China, India, South Africa and Brazil. Their day-to-day operations are managed by SunEdison.
SunEdison, the self-described world’s largest renewables developer, voluntarily filed for Chapter 11 bankruptcy protection in late April after a two-year buying spree, including US developer First Wind for $2.4 billion and 930MW of Invenergy wind projects for $2 billion. Windpowermonthly Report