SolarCity Corp.

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  • Thu, Jan. 28, 3:07 PM
    • By a 3-2 vote, the California PUC has upheld the state's solar net metering policy, which credits solar users for electricity delivered back to the grid. New net metering customers will have to pay an interconnection fee, along with charges on power drawn from the grid to support public purpose programs. The PUC will revisit net metering in 2019.
    • In stark contrast to December's Nevada PUC ruling, trade group SEIA is quite pleased with California's decision. Investors in top U.S. residential solar installers SolarCity (SCTY +8.4%) and Sunrun (RUN +15.9%) seem happy too. First Solar/SunPower yieldco 8point3 Energy (CAFD +6.7%), which owns a slew of California projects, is also up strongly.
    • Earlier: SolarCity jumps as markets/crude prices rally; California ruling on tap
    | Thu, Jan. 28, 3:07 PM | 20 Comments
  • Thu, Jan. 28, 9:55 AM
    • SolarCity (NASDAQ:SCTY) is a standout on a good morning for both the Nasdaq (up 1.1%) and energy-related names - WTI crude is up 7.7% to $34.77/barrel amid growing hopes of Saudi/Russian oil production cuts.
    • The gains come on a day California's PUC is expected to vote on a final net metering rate plan (previous) for the state's solar installations; California remains by far SolarCity's biggest market. Greentech Media: "So far, we’ve seen little sign that commissioners are going to reconsider the key solar-friendly points of last month’s proposed decision -- namely, retaining retail-rate compensation for customers' surplus solar power and rejecting additional fees for net-metered solar systems." Unlike with December's Nevada PUC ruling, local utilities aren't happy with the California proposal.
    • Roth Capital has reiterated a Buy rating and $65 target on SolarCity today, arguing risk/reward is favorable following a major early-2016 decline. The firm cautions it doesn't think SolarCity will be "out of the woods" until the California net metering decision arrives.
    • Q4 results are due on the afternoon of Feb. 9. SolarCity plunged three months ago in response to the 2015/2016 installation guidance given with its Q3 results. Since then, post-2016 expectations have grown thanks to the ITC extension.
    | Thu, Jan. 28, 9:55 AM | 2 Comments
  • Fri, Jan. 22, 9:21 AM
    | Fri, Jan. 22, 9:21 AM | 12 Comments
  • Fri, Jan. 22, 9:06 AM
    • Believing U.S. solar demand will remain strong through 2020, Barclays' Jon Windhan has launched coverage on SolarCity (NASDAQ:SCTY) with an Overweight rating and $49 target.
    • Meanwhile, SolarCity says it has finished its fifth solar asset securitization, and its first securitization of distributed solar loan assets. The deal involves a $185M private placement ($2.89 per watt of solar generation capacity) featuring a 5.81% blended yield, and a 2022 anticipated payment date. S&P has rated the debt BBB (lower medium grade).
    • SolarCity ended Q3 with $418M in cash/short-term investments, $878M in long-term debt, $211M in solar bond debt, $796M in convertible debt, and $425M in solar asset-backed notes. Today's news may be soothing recent financing concerns - Bernstein reported last week SolarCity is mulling the direct sale of solar loans, leases, and power purchase agreements at a relatively high 7%-7.5% discount rate.
    • SolarCity, hammered in recent weeks along with other solar names, has risen to $34.06 premarket. Nasdaq futures are up 1.7%, and S&P futures 1.4%.
    | Fri, Jan. 22, 9:06 AM | 44 Comments
  • Wed, Jan. 20, 5:26 PM
    • Top U.S. residential solar installers SolarCity (SCTY +8.8%) and Sunrun (RUN +15.4%) were among the largest beneficiaries of an afternoon reversal that led the Nasdaq to close down just 0.1% after seeing 3%+ losses earlier in the day. The S&P closed down 1.2%.
    • SolarCity and Sunrun are still respectively down 34% and 27% in 2016, hammered during a market rout in which many energy-related names have been among the worst performers as oil tumbled below $30/barrel. Each company's Q4 report is expected in the coming weeks.
    • In other news, the campaign to reverse the Nevada PUC's December decision to increase connection fees and cut net metering rates for solar installations continues: Two disgruntled solar users have filed a class-action suit, alleging local utility NV Energy provided false info to regulators. SolarCity (has pulled out of Nevada) issued a fresh PR yesterday blasting the ruling yesterday, and promising Gov. Brian Sandoval and the PUC "will hear more from all of us in the coming days."
    | Wed, Jan. 20, 5:26 PM | 10 Comments
  • Tue, Jan. 19, 3:21 PM
    • The Guggenheim Solar ETF (TAN -2.5%) has made fresh 52-week lows on another rough day for energy stocks in general. WTI crude is down 3.8% to $28.31/barrel - downbeat IEA commentary and concerns about the end of Iranian sanctions could be weighing. The S&P is down 0.5%, and the Nasdaq 0.9%.
    • A handful of names are seeing much bigger losses than TAN's. The group includes SolarCity (SCTY -13.1%), SunEdison (SUNE -9.3%), SunEdison yieldco TerraForm Power (TERP -8.4%), SunEdison acquisition target Vivint (VSLR -16.4%), Yingli (YGE -6.9%), Sunrun (RUN -4.5%), and 8point3 Energy (CAFD -5.3%).
    • SunEdison opened higher after announcing it had closed the second part of a deal involving the purchase and subsequent sale of a 33% stake in a 567MW solar plant portfolio, but quickly gave back its gains. TerraForm has been downgraded to Neutral by BofA/Merrill. Sunrun has announced the closing of $250M worth of credit facilities to finance U.S. residential solar installations.
    • A week ago: Solar stocks fall as energy stocks sell off, oil trades near $30/barrel
    | Tue, Jan. 19, 3:21 PM | 56 Comments
  • Thu, Jan. 14, 12:46 PM
    | Thu, Jan. 14, 12:46 PM | 3 Comments
  • Thu, Jan. 14, 12:28 PM
    • "Our understanding is that SCTY is exploring the direct sale of a subset of the solar leases, loans and [power purchase agreements] generated by [its] DevCo going forward to institutional investors such as insurance companies and pension funds," reports Bernstein's Hugh Wynne (Outperform rating, $62 target).
    • Wynne adds SolarCity expects the first sale of new solar leases and purchase agreements (PPAs) to close at a 7%-7.5% discount rate, above the 6% rate management has applied thus far when valuing its solar installation portfolio. Thus far, the company has relied on other financing sources, such as tax equity financing and the sale of solar asset-backed notes.
    • The first asset sale is expected to involve just 100MW-200MW of leases. Wynne: "We would expect a $150 to $300 million asset sale at a discount rate of 7.5% to take some of the sting out of the bear arguments regarding cash flow and return on capital, but such a transaction would raise uncomfortable questions for bulls as well,"
    • SolarCity has tumbled below $38 on a day the Nasdaq and S&P are up 1%. Thanks in part to a market selloff, shares are now down 27% in 2016.
    • Separately, a backlash has been growing to the Nevada PUC's recent decision to increase connection charges and lower net metering payments for home and business solar installations, a decision that led SolarCity to pull out of Nevada. VCs and actor Mark Ruffalo are among those to have blasted the PUC's ruling.
    | Thu, Jan. 14, 12:28 PM | 50 Comments
  • Thu, Jan. 14, 9:16 AM
    | Thu, Jan. 14, 9:16 AM
  • Tue, Jan. 12, 2:18 PM
    • Solar stocks haven't been unscathed as energy stocks in general see fresh selling pressure. The declines come on a day in which WTI crude is down 4.1% to $30.11/barrel, and Nymex natural gas down 5% to $2.28/MMBtu. The S&P is down 0.4%, and the Nasdaq 0.3%.
    • Beaten-down SunEdison (SUNE -16%), which fell sharply last week after announcing dilutive loan and debt exchange deals, is headlining the list of major decliners. Axiom Capital's Gordon Johnson, pessimistic as ever, declared today he's now "more cautious" on SunEdison's ability to survive 2016, and that the company's yieldco drop-down strategy has unraveled.
    • Other notable decliners inclue SolarCity (SCTY -8.1%), SunPower (SPWR -5.1%), Canadian Solar (CSIQ -5.7%), SolarEdge (SEDG -7%), Enphase (ENPH -13.2%), Sunrun (RUN -8.7%), and SunEdison's TerraForm Global (GLBL -9.5%) and TerraForm Power (TERP -4.4%) yieldcos.
    • The Guggenheim Solar ETF (TAN -2.9%) is down 17% in 2016, and near a 52-week low of $25.25.
    | Tue, Jan. 12, 2:18 PM | 65 Comments
  • Thu, Jan. 7, 2:32 PM
    • Solar stocks are among the biggest casualties as the Nasdaq drops 2.8% and markets generally go into risk-off mode. After soaring last month in response to U.S. renewable tax credit extensions, the Guggenheim Solar ETF (NYSEARCA:TAN) is now just slightly over $2 above a 52-week low of $25.25.
    • SunEdison (down 33%) is the biggest decliner in the group, after having announced a set of dilutive debt offerings and exchange transactions. Canadian Solar (CSIQ -14.4%), JinkoSolar (JKS -14.6%), Solar3D (SLTD -11.2%), Sky Solar (SKYS -16.6%), and RGS Energy (RGSE -10.4%) are also seeing double-digit losses.
    • Other major decliners: SolarCity (SCTY -6.8%), First Solar (FSLR -5.5%), SunPower (SPWR -9.9%), Enphase (ENPH -6%), SolarEdge (SEDG -5.3%), TerraForm Power (TERP -8.2%), TerraForm Global (GLBL -5.7%), and JA Solar (JASO -5.3%).
    | Thu, Jan. 7, 2:32 PM | 27 Comments
  • Dec. 22, 2015, 2:31 PM
    • Up big last week thanks to the ITC extension, SolarCity (SCTY -5.4%), Sunrun (RUN -12.3%), Solar3D (SLTD -3.3%), and RGS Energy (RGSE -6.5%) have sold off as Nevada's Public Utilities Commission (PUC) weighs a proposal to increase connection charges and lower net metering payments (i.e. payments for electricity delivered to the grid) to the state's residential and commercial solar users.
    • SolarCity has threatened to pull out of Nevada, and other installers have also blasted the proposal, which would grant a victory to Berkshire Hathaway-owned utility NV Energy. Nevada has less than 1% of the U.S. population, but (for obvious reasons) accounts for a larger % of solar generation. Moreover, the PUC proposal is stoking fears of similar actions in other net metering states.
    • SunEdison (down 19.4%) and acquisition target Vivint Solar (down 7.4%) are also off sharply, but that appears to have more to do with David Tepper's actions than the Nevada PUC's.
    • Update (2:42PM ET): The PUC has passed the proposal. Sunrun: "We believe the Commission’s decision flies in the face of Nevada law, which requires the state to 'encourage private investment in renewable energy resources, stimulate the economic growth of this State; and enhance the continued diversification of the energy resources used in this State' through net metering. We believe the Commission, appointed by Governor Sandoval, has done the exact opposite today."
    | Dec. 22, 2015, 2:31 PM | 70 Comments
  • Dec. 21, 2015, 11:11 AM
    • The Guggenheim Solar ETF (TAN +2.1%) is now up 11% since Congress agreed six days ago to a budget compromise (officially passed on Friday) that involved extending the solar investment tax credit (ITC) and wind production tax credit (PTC). Today's gains come with the Nasdaq up 0.6%.
    • U.S. solar stocks naturally continue headlining the list of gainers. The list includes SunPower (SPWR +3.4%), First Solar (FSLR +3.3%), Sunrun (RUN +6.9%), Enphase (ENPH +8%), 8point3 Energy (CAFD +4.1%), RGS Energy (RGSE +19.6%), and Solar3D (SLTD +4.5%).
    • Other winners include JinkoSolar (JKS +4.7%), ReneSola (SOL +8%), Yingli (YGE +3.5%), China Sunergy (CSUN +4.2%), TerraForm Global (GLBL +3.2%), and SolarEdge (SEDG +3.2%), the last of which depends heavily on the U.S. residential market.
    • Citing (what else?) the tax credit extensions, Morgan Stanley's Stephen Byrd has respectively hiked his SolarCity (SCTY -0.3%), First Solar, SunPower, and Sunrun targets by $18, $2, $2, and $5 to $104, $70, $43, and $28. Bernstein and KeyBanc respectively upgraded SolarCity and Sunrun last Thursday.
    | Dec. 21, 2015, 11:11 AM | 5 Comments
  • Dec. 18, 2015, 2:43 PM
    • The Nasdaq is down 1.1% and the S&P 1.2%, but solar stocks are once more higher (TAN +1.6%) after the House and Senate officially passed multi-year extensions for the solar investment tax credit (ITC) and wind production tax credit (PTC). The group skyrocketed on Wednesday after Congressional Republicans gave their support to a budget compromise that featured the extensions.
    • Notable gainers include SunEdison (SUNE +4.3%), Vivint (VSLR +3.7%), Trina (TSL +4.2%), Sunrun (RUN +7.2%), TerraForm Power (TERP +1.6%), TerraForm Global (GLBL +7.4%), Solar3D (SLTD +6%), ReneSola (SOL +5.6%), and RGS Energy (RGSE +7.3%). RGS, a microcap, could be benefiting from news it has signed a letter of intent for a $5M loan facility.
    • SolarCity (SCTY +1.6%) is up moderately after starting the day lower thanks to fresh bearish remarks from Jim Chanos. Canadian Solar (CSIQ +3.1%) is higher after announcing it's partnering with Southern Co. on a new 200MW project. Daqo (DQ +5.5%) is rallying following bullish coverage from Northland Securities.
    | Dec. 18, 2015, 2:43 PM | 44 Comments
  • Dec. 17, 2015, 10:02 AM
    • Bernstein has upgraded SolarCity (SCTY +4.1%) to Outperform a day after shares blasted off on news Congress has struck a deal to extend solar and wind tax credits for several years, and set a $69 target. KeyBanc has upgraded top SolarCity rival Sunrun (RUN +8.9%) to Overweight, and set a $16 target. Unsurprisingly, both firms cite the tax deal.
    • Meanwhile, Credit Suisse argues SolarCity, SunEdison (NYSE:SUNE), and Sunrun still have between 83%-300% of upside, and that plenty of short-covering remains possible. The firm notes SCTY, SUNE, and RUN respectively have 53%, 39%, and 24% of their floats shorted (per the most recent data), declares the tax deal provides visibility through 2024, and asserts the U.S. home solar industry's employment of 200K+ people makes it impossible for Congress to ignore. (source: Notable Calls)
    • SolarCity and Sunrun are now respectively up 39% and 31% from Tuesday's close.
    | Dec. 17, 2015, 10:02 AM | 44 Comments
  • Dec. 17, 2015, 9:20 AM
    | Dec. 17, 2015, 9:20 AM
Company Description
SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.