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Robert Dydo  

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  • Does High Module Efficiency Make SunPower A Better Company? [View article]
    Perhaps author owns equity in the competitor for reasons noted in the article. Green stocks, what part of my article was not factual? I certainly wish to correct it. At 500% gain maybe it is time to evaluate how it got there to retain it?
    I see no commentary to conclude it.
    Apr 10, 2015. 01:51 PM | 1 Like Like |Link to Comment
  • Does High Module Efficiency Make SunPower A Better Company? [View article]
    Gumby, this article is not about product review, but about the company capitalizing on its technology, which you should see in gross margins. They way SunPower operates its business is at best mediocre as well.
    If I was reviewing module as value to consumer, I would follow what SunPower has already did for the promo, advertising 75% of more power based on limited to non existent deterioration. Those claims sell those modules, in the same way Bentley has its buyers.
    Apr 10, 2015. 01:17 PM | 1 Like Like |Link to Comment
  • Does High Module Efficiency Make SunPower A Better Company? [View article]
    Thank you, I am glad you see this in the same way.
    Apr 10, 2015. 01:04 PM | 2 Likes Like |Link to Comment
  • Does High Module Efficiency Make SunPower A Better Company? [View article]
    Solarcraig,
    My argument does not deny efficiency as factor of value. I deny it to be a factor in value for SunPower. I see no other way, but efficiency to create separation leading to next consolidation of the industry. Despite my commodity reference, I believe in principle of solar manufacturing to be technology, valued on more than volume and scarcity of output. SunPower did not make its high-efficient module to create more profits, and the PERC could be the reason that Chinese can.
    Apr 10, 2015. 01:03 PM | 1 Like Like |Link to Comment
  • China's And India's Increasing Impact On The Solar Industry [View article]
    "SunEdison have already invested untold billions in India in preparation for the country's planned solar PV boom"
    Where did they find those billions to invest? More research please.
    China has an impact on industry since 2008. Only last year they got serious in the installation scale.
    India, I doubt in the scale and the commitment. It would be nice and surely they can benefit a lot, but without clear laws, land management, foreign factory incentives, and dropping nonsense local content rules, there are just too many obstacles.
    Indian companies think they can build the manufacturing industry to support it, but this has been an issue for years. Unless they let Chinese in the country with reasonable investment rules and capital guarantees, tough going, in my view.
    Apr 8, 2015. 02:38 AM | Likes Like |Link to Comment
  • Yingli Energy - Good Performance, But Debt Overhang Remains An Issue [View article]
    How can someone who is a CA say that company with operating loss represents good investment opportunity by declaring it as a well run company?
    On what factors?
    Apr 7, 2015. 12:05 PM | Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    Yieldco is a sophisticated investment vehicle, which enables sponsor to benefit financially from the operating activities of the projects within yieldco portfolio in the form of dividends and IDRs. It also enables to produce gains in form of cash margin from drop-downs of projects into a portfolio owned by yield.
    There is nothing in that structure, which relates to manufacturing, however, the cash equity generated from drop-downs, dividends and IDRs will help the company to expand, including its scale and R&D as those are extra sources of capital, otherwise not available.
    This is not accounting hocus pocus. It is a well structured investment vehicle, which because of controlling interest, makes reporting transactions for it, outside of the income statement.
    Yieldcos can become de-consolidated and reporting of drop-downs could be simply as a sale.
    I agree that complexity is a a bit scary to people, but there is no more risk in yield than any other company out there.
    Apr 7, 2015. 11:28 AM | 1 Like Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    The cash margin added to sponsor after drop-down (which is really a sale) reflects essentially gross margin when selling a project. So this is replacing sale with general ledger move. After this, project remains in the control of the sponsor. The benefit is the dividend. While structure is complicated, it is not impossible to see potency of yield vehicle. CSIQ, unlike SunEdison has own manufacturing revenue stream. Who is to say they will not build and sell projects as well? Lastly I suspect SPWR and FSLR joint venture yieldco will offer condition of minority ownership when IPO is done. Neither will control it, hence they will be selling projects to it and yield will report as an independent entity.
    I hope Canadian will explore all opportunities here.
    Apr 7, 2015. 09:21 AM | 1 Like Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    It is not an easy process for sure. The path is not defined. I used SunEdison as it was the closest one resembling CSIQ, a developer. I wrote the article hoping that investors will understand that company is not having problem earning money, but it will be accounting for it differently. Canadian gets many abuses as is, so this was an attempt at prevention.
    Apr 6, 2015. 09:40 PM | 1 Like Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    I could not find anything pictorial to improve the story, I hope I can reach most with it, but not all.
    Apr 6, 2015. 07:40 PM | Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    Hi John, I think they said they will not recognize it "until the conditions set forth in the SPA are met and the share transfer is completed." Not sure what those conditions are, but based on the language and the date of April 1st, it is not happening in Q1, imho.
    Apr 6, 2015. 05:50 PM | Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    Thank you for reading it, and glad to be helpful
    Apr 6, 2015. 05:47 PM | Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    This does not work like this. Think of yieldco as company A, which is owned by CSIQ, think of initial project portfolio as company B, which is also owned by CSIQ. CSIQ owns 100% of both.
    Company A sell shares during IPO, and buys interest in company B with proceeds. The sale of shares of company A adds new owners to company A, reducing CSIQ ownership to say 70%. Proceeds from selling shares of company A buy interest in company B, adding ownership to that company, reducing CSIQ to 70% ownership. Now CSIQ owns less of company A and company B.

    Company A is a reporting entity for company B, and CSIQ is a reporting for company A, due to majority of ownership in it.
    Yieldco IPO is not a spin off to new company. It is sale of the equity in specific portfolio of projects only.
    I hope this helps.
    Apr 6, 2015. 11:59 AM | 4 Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    Presentation will be made on May 18th. SunEdison provided for really good explanation how they did it. You may want to check sec.gov for SunPower and First Solar to see what they are doing. I personally did not check their formula, because their joint venture ownership of future yield company would be de-consolidated from their balance sheets, as each would have minority interest.
    There are more yield companies out there but the SunEdison model seemed closest to Canadian as the organization.
    Apr 6, 2015. 11:47 AM | Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    How the company is going to execute transition to yield is a guess, I call my guess a speculation. What is a reliable information when reviewing opinion?
    Apr 6, 2015. 11:14 AM | 1 Like Like |Link to Comment
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