SunEdison posted an 11% increase in sales to $610.5 million in the fourth quarter of 2014 compared to the same period a year ago while reducing its net loss by 15.5% to $242.1 million.
At $382.6 million, the groups solar energy segment garnered the lions share of revenue, followed by its semiconductor materials division, which made $205.9 million and yieldco subsidiary TerraForm Power, with $42.6 million. All of the divisions posted operating losses: the solar unit nevertheless narrowed its loss from $153.6 million to $132.7 million, while the semiconductor materials division reduced its $31.3 million loss a year ago to $3.7 million.
The company said the solar units operating loss, lower year-over-year as well as sequentially, was primarily due to projects being retained rather than sold, non-cash asset impairment charges and operating expenses related to growth initiatives. It attributed higher solar energy segment revenue to higher solar systems sales volumes and increased energy revenue from retaining more systems. The company recognized fourth quarter revenue from solar projects totaling 61 MW, down from 95 MW in the 2014 third quarter but up from 55 MW in the 2013 fourth quarter.
TerraForms higher year-on-year revenue was due to higher energy and incentive revenue associated with operating projects acquired and projects that achieved commercial operation.
Revenue from its semiconductor materials business fell as a result of lower selling prices, the company added. As part of its global restructuring plans to reduce costs and maintain competitiveness, SunEdison last year consolidate its semiconductor crystal operations and shuttered a polysilicon manufacturing facility in Italy.
383 MW of solar plants completed in fourth quarter
SunEdison completed 383 MW of solar energy systems during the quarter and had 467 MW under construction at the end of December. SunEdisons solar project pipeline grew to 5.1 GW while its backlog increased to 2.6 GW at the end of the quarter.
During the fourth quarter, we continued our record of strong execution as we reached new quarterly and annual milestones by completing all-time highs of 383 MW during the quarter and 1,048 MW for the year while growing our pipeline to 5.1 GW and our backlog to 2.6 GW, said SunEdison CEO Ahmad Chatila.
The company also announced that it had closed the acquisition of leading wind power developer First Wind a move the chief exec said positioned SunEdison "as the leading renewable power plant developer in the world and will further accelerate our growth and be additive to our fourth quarter pipeline."
SunEdison will offer a detailed outlook for the year at its Capital Markets Day on February 24.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.