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Robert Dydo  

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  • Solar Investing After First-Quarter Results [View article]
    Certainly bad result dropped the price. Anything is possible.
    Jun 5, 2015. 09:35 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Hockeyzan,
    my only clue is that they are IPO developer. Can they open another developer subsidiary? Sure, but now you have competition against the IPO business.
    Frankly, without a lot of info it is only 20-F, which leads to those conclusions. This is why more info is needed.
    Jun 4, 2015. 08:56 PM | 1 Like Like |Link to Comment
  • Reflections Over The Q1 2015 Results Of Jinko Solar [View article]
    Eystein, great article, but I think you are confused on revenue from energy sales. the company record the revenue in full for every kWh sold at FiT ranges minus VAT or 17% for the second quarter in the row. They put amount from catalog in accounts payable as they are outstanding. The $24M is the amount government owes to JKS, but this is not outside of the current balance sheet. When eventually paid any outstanding amount is moved from accounts payable to cash.

    I suspect your accounting practices are behind generation of 63% increase in revenue in energy from 115MW more connected in Q1?
    I think you are about $6M heavy on that estimate.

    Congratulations on your articles.
    Jun 4, 2015. 09:09 AM | 1 Like Like |Link to Comment
  • How Bright Will The Sun Shine In Canada? [View article]
    All PPAs in the US are shown with 35 years. Do not cohere to single words as I am going to drop this discussion fast. We are talking about RE portfolio and your home town. If you want to play witty with me I can quickly recall your accounting inabilities.
    In Brazil as well as in the dessert Chile you have capacity factors of 30% for solar. So you are comparing another set of numbers where you missing valuable factors.
    Jun 2, 2015. 09:16 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    What I understand JKS will spin its developer units plus it solar plants. That value will be offered in IPO, which will reduce 55% ownership of the company by as much as public ownership. Once again sold shares will provide for new equity for the IPO business. JKS will hold shares, which will have a market value and they will recognize that value as investment. If 20M shares out of 60M of shares are sold at $15 per share, the new company will be worth $900M. JKS held 55% of 40M or 22M. Investment assets held by JKS will be worth $330M. if we come back to $750M example, assets decreased by $420M , debt decreased by $600M, but equity increased by $180M. So yes JKS will look great.
    Jun 2, 2015. 09:06 PM | 1 Like Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Thank you all for the comments.
    Jun 2, 2015. 08:59 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    fedecapo. I doubt you understand accounting for spin off.
    When you spin assets you do not sell. You move their value from the balance sheet. You IPO the asset by selling stake in it. JKS has 55% stake but consolidates 100% of reporting. I am sorry but please review your accounting knowledge.
    IPO proceeds become equity of new company. Shares in the new company own by JKS are investment in assets on their balance sheet. that is the span of relationship.
    Jun 2, 2015. 09:10 AM | Likes Like |Link to Comment
  • How Bright Will The Sun Shine In Canada? [View article]
    I did not say they would make great return on the project, my math shows that project is financially viable at the $0.05 per kWh and not a loss as you insist to show. I have not used the application, but have an issue with your interpretation based on your frequent shortage of ability to understand calculations and contributing factors, i.e. unpaid FiT in Jinko. I do not have all the details the RE team has to eloquently establish they have sold a project to lose money. I can establish with certain degree they they are not losing money on it, but certainly returns are not as $0.16 per kWh value or like they would be for Japanese projects.
    Now, I only showed to you that the reference made where $0.05 ever got presented came from SunEdison contract. If you find Recurrent news showing they have sold kWh per $0.05, then I will further review with Canadian its What you stand on is irrelevant to me to above. I have reviewed information provided n the presentation and was given a clear feedback that not available are projects are given in the presentation of CAFD calculation. Most analysts present understood the disclosure in the same fashion.

    You are insisting that Sharp walked away from the projects, forgetting that company is in huge financial troubles, losing money left in right and now got on bank support selling equity and refinancing to stay viable. It is selling most of its businesses to stay a float. I look at the RE purchase as an opportunistic buy.
    Why would I throw a way a wit and ability of Canadian Solar along skill set of multiple analysts to consider your view as accurate?
    Jun 2, 2015. 09:04 AM | 2 Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    The CAFD is cut in half, not all projects (read Japanese ) are in it.
    Hint take the 168MW from SunEdison consisting 153MW in UK and rest with DG in the US worth $24M in CAFD per year. 228MW consisting 155MW in UK, 45MW in Japan, double the rate of any project in UK, and 28MW in Canada at massive rates bring only $15M based on slide. Not so. I confirmed with the company that not all MW are included in the CAFD calculation.
    Jun 2, 2015. 12:39 AM | 1 Like Like |Link to Comment
  • How Bright Will The Sun Shine In Canada? [View article]
    Before we continue further, Recurrent never announced to sell for $0.05 per kWh. This was announced in reference to SunEdison deal with the city of Austin. http://bit.ly/1KzP41M
    Check the size of the contract, which quotes $525M. This means that up to $21M payable per year, which gives the 5 hours, not 6 I quoted. The problem as in all media the $0.05 is a result of rebates including ITC, which is given tax equity to the city. The actual price tag for energy is $0.08 per kWh.
    All CSIQ PPAs are for 35 years as such having contracts longer by 40%, their yearly cash flows will be lower as the rates are lower.
    If the CAFD is for 35 years it can be lower by 50% to match 25 year CAFD.
    Regardless, CAFD for CSIQ are low because they have no Japanese projects after 2015. Listen to Potter explaining this to get the hint.
    I actually got confirmation that CAFD shown were preliminary and do not include all MW available for drop down.

    Reccurent has a 20 year PPA for 150MW in Austin.
    Jun 2, 2015. 12:32 AM | 1 Like Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Thank you Carlos
    Jun 1, 2015. 10:59 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Thank you
    Jun 1, 2015. 10:59 PM | 2 Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Hi Fedecapo,
    Imagine 400MW portfolio worth about $750M in assets. Liability is $600M and equity is $150M.
    Spin off happens, Assets are minus $750M, liability is reduced by $600M and equity is down by $150M.

    Yieldco happens. Yieldco pays sponsor $750M. The sponsor pays $600M in debt leaving $150M in cash and $150 equity intact. Both cases own 55% of the IPO shares prior to IPO. Spinoff company is deconsolidated yieldco remains consolidated.
    If JKS is spinning Power, it only sells modules to it. CSIQ can sell plants to yieldco.
    Jun 1, 2015. 10:58 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Thank you PG, I am glad you enjoyed it.
    Jun 1, 2015. 10:43 PM | 1 Like Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Hi Pop, thank you, I appreciate your comment.
    Jun 1, 2015. 10:42 PM | 1 Like Like |Link to Comment
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