slowtrader

Solar Investor
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About slowtrader

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  • Location :
    Austria, Europe
  • Interests
    Investment, Computer programming, Badminton, Skiing, Biking, Mountain hiking, Nature..

Portfolio

  • Portofolio %
    Solar 38 Energy 22 REIT 21 HYBond 17%

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  1. Pete, I think there is some delay between the reported market prices and the time when this prices show up on the balance sheet, as most panels are not sold on the spot market by the big manufacturers but contracts are signed some time in advance. So the real drop has not effected earnings this time..
  2. Yes, but they still have far to much cash, which they have to pay interest for. If they would pay back some dept, or buy some projects with it, they would look better.
  3. Yes, I think it could be about (48m+91m)*0,64*11,5/91m=11,24. I hope it will get a bit more.
  4. I think class A will only get 75% of the total price payed, which would be only about (113m+61m)*0,75*4,25/113m=4,90.
  5. So with TERP common will get about that Brookfield will pay, but with GLBL they should get about 11% of 100 more -> 11/64=17% more than the offer, this could be some compensation for undelivered projects, which would be about $5/share. This should be the reason, why TERP is down and GLBL is up.
  6. From BK-Filing: SunEdison holds a total of 61,343,054 Class B shares of GLBL and 61,343,054 Class B units24 of Global LLC.25 SunEdison’s position represents 100% of the Class B shares of GLBL and Class B units of Global LLC outstanding.26 In the aggregate, SunEdison holds approximately 36% of the economic interests and 98% of the voting interests in GLBL, with the securities held indirectly through a subsidiary, SunEdison Holdings Corporation. As of the Petition Date, GLBL had 116,710,351 Class A shares outstanding, all of which are publicly tradable shares and represent approximately 64% of the economic interests of GLBL.
  7. from BK-Filing: SunEdison holds a total of 48,202,310 Class B shares of TERP and 48,202,310 Class B units19 of Power LLC.20 Pursuant to the limited liability company agreement of Power LLC, SunEdison is also entitled to certain incentive distribution rights (“IDRs”).21 SunEdison’s position represents 100% of the Class B shares of TERP and Class B units of Power LLC outstanding. In the aggregate, SunEdison holds approximately 35% of the economic interests and 84% of the voting interests in TERP, with the securities held indirectly through two SunEdison subsidiaries – SunEdison Holdings Corporation and SUNE ML 1, LLC. As of the Petition Date, TERP had 91,280,208 Class A shares outstanding, all of which are publicly tradable shares and represent approximately 65% of the economic interests of TERP
  8. Does anyone of you know how many class A and B shares of TERP and GLBL SUNEQ hold?
  9. With TERP it's the same, but there they would receive 36,9%.
  10. What is interesting for me is not only the price, but also the details of the settlement between SUNEQ and GLBL. As SUNEQ would receive 25% of the total price, and the rest would be distributed to common shareholders. How many shares do they have more than 25%?
  11. I think this would be the one thing which could end one of the biggest yieldco-problems. If they reduce their payout ratio and instead use the free cash + some dept to grow instead of selling new shares, there can't be a "death spiral" anymore, where the yield gets to high to finance new projects.
  12. Isn't this in some way the same problem sune had, especially now with CAFD? They have a planned cafd-groth and to achieve this, they have to lower the price of their drop-downs and earn less on them, or drop down much more (and need much more capital=debt for this) at a bit higher price. So if credit-costs or yieldco-yield go up, they earn much less and at some point the whole buisness model is not possible any longer. I think over time the cost to build a solar plant and the price one can get for them to also achieve enough return will level out. But the market also has to trust yieldcos again, to not make them irrelevant, which is their biggest problem and also not fully under their control.
  13. It might not be as bad, as ppa's normally have some kind of inflation-adjustment built in i think.
  14. I think the problem lies in the high potential that may be coming, as there are to many who like to participiate and it's too easy to enter this market and build up some capacity now. There is simply not enough differentiaton in this Market.
  15. I'm still in, but have reduced my position in the recent run up to 4 on GLBL and 13.5 on Terp a bit. But they are still my single largest positions.