Point72 Discloses Stake in SunEdison
August 31 2015 - 7:00PM
Dow Jones News
Billionaire Steven A. Cohen's investment firm Point72 Asset
Management LP on Monday disclosed a 5.1% stake in renewable-energy
developer SunEdison Inc.
Based on Monday's $10.40 closing price, Point72's
15.95-million-share stake was valued at about $165.9 million.
Formerly known as MEMC Electronics Materials Inc., Maryland
Heights, Mo.-based SunEdison was formed in 1984 and went public in
1995. This month, it said it was forming a $1 billion investment
vehicle, TerraForm Power Inc.
Another one of its yield companies, TerraForm Global Inc., went
public in late July.
Yieldcos, as they are known on Wall Street, are publicly traded
companies that hold certain assets—TerraForm Global's case solar
and wind projects—and issue regular dividends to shareholders.
For the first six months of the year, the most recent results
available, SunEdison reported a loss of $635 million, or $2.24 a
share, compared with a loss of $655 million, or $2.46 a share, a
year earlier.
Net sales rose to $778 million from $771 million a year
earlier.
SunEdison's shares, down nearly 47% this year, rose 3% to $10.73
in late trading.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 31, 2015 18:45 ET (22:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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