| 53% of SunEdison’s Total Assets Are Renewable Energy Projects | |
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The Sun Shines on FirstSolar in 2Q15 as SunEdison Faces Headwinds (Continued from Prior Part) Current assets
In the last part of this series, we had a look at Firstsolar’s (FSLR) asset composition. SunEdison’s (SUNE) balance sheet looks quite different from FSLR’s due to the difference in business model and growth philosophies.
- Liquidity: SunEdison (SUNE) had $1,294 million (7.4% of total assets) in cash and cash equivalents on its books as of June 30, 2015. SUNE, TerraForm Power (TERP), and Terraform Global (GLBL) had access to various credit facilities. Cash committed for ongoing projects stood at $704 million as of June 30, 2015, and the current portion of restricted cash came in at $291 million on that date.
- Other current assets: Accounts receivables stood at $361 million as of June 30, 2015. Prepaid expenses and other current assets stood at $954 million (5.4% of total assets).
Long-lived assets
Long-lived assets emphasize the real difference between FSLR and SunEdison (SUNE).
- While FSLR had just 15.6% of its total assets in the form of solar power systems, a whopping $9.25 billion (53% of total assets) of SUNE’s total assets are in the form of renewable energy systems, including wind and solar). Since SUNE keeps the majority of the projects on its balance sheet, the share of renewable energy systems on the company’s balance sheet is higher than FSLR’s, which sells most of the projects it builds.
- Fixed assets other than power projects stood at $1,214 million (6.9% of sales).
- Another key difference between SUNE and its S&P 500 index (SPY) peer FSLR is the presence of intangibles. FSLR carried just $200.5 million (2.9% of total assets) in intangible assets. On the other hand, SUNE had $2,138 million (12.2% of total assets) in intangible assets on its books as of June 30, 2015. Due to the acquisitions made in 1H15, good will increased to $425 million as of June 30, 2015, from $73 million as of December 31, 2014. Remaining intangibles were in the form of power purchase agreements and power plant development arrangements.
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First Solar is based in United states of america. First Solar is listed in Germany and in United States of America. Its market capitalisation is US$ 22.1 billions as of today (€ 20.2 billions). Its stock quote reached its lowest recent point on June 11, 2010 at US$ 100.19, and its highest recent level on October 11, 2024 at US$ 211.49. First Solar has 104 270 000 shares outstanding. |