SunEdison Reports First Quarter Results

 

52.7 GW of Market Opportunities

GW

34.9

10.3

2.3

5.2

Stage

Leads

Qualified Leads

Pipeline Ex. Backlog

Backlog

Conversion %1

10.0%

40.0%

60.0%

90.0%

1 The percentages noted above are the historic rates at which projects in each stage have converted to completed projects










Based on historical conversion rates, these combined leads, qualified leads, pipeline and backlog are forecasted to convert into 13.7 GW of completed projects.

$8.3 Billion of Opportunity CAFD

$B Annualized Unlevered CAFD

5.4

1.6

0.6

0.7

Stage

Leads

Qualified Leads

Pipeline Ex. Backlog

Backlog

Conversion %1

10.0%

40.0%

60.0%

90.0%

1 The percentages noted above are the historic rates at which projects in each stage have converted to completed projects










Based on historical conversions, these combined leads, qualified leads, pipeline and backlog are forecasted to convert into $2.2B of CAFD from completed projects.

Discontinued Operations

As of March 31, 2015, we own 10,608,904 shares of SunEdison Semiconductor Limited ("SSL"), which represents a 25.6% ownership interest in SSL. The disposal of our controlling interest in SSL represents a strategic shift that has a major effect on our operations and financial results.  As a result, our Semiconductor Materials segment is no longer considered a reportable segment and we have reported the historical results of operations and financial position of SSL as discontinued operations in the condensed consolidated financial statements for all periods presented.

TerraForm Power

TerraForm Power, Inc. (Nasdaq: TERP), a subsidiary of SunEdison, increases its 2015 CAFD guidance from $214 million to $225 million, and raises its 2015 dividend per share guidance from $1.30 to $1.35.  The  first quarter dividend increased 20% to $1.30 per share on an annualized basis.  Since December 31, 2014, TERP has grown its portfolio by 70% from 986 MW to 1,675 MW.

For the first quarter of 2015, TERP's quarterly distribution will be $0.325 per class A share.  The cash distribution received by SunEdison on its class B units in TerraForm Power, LLC will be $16.9 million due to forbearance agreements on certain projects of approximately $3.4 million for the first quarter of 2015.

Outlook

The company has provided the following key metrics for the first quarter and full year 2015. The company expects the following, assuming no significant worldwide economic issues or other significant events in these periods.

Key Metrics

2Q 2015 Outlook

FY 2015 Outlook

Unlevered Annualized CAFD for Retained MW ($M)

35 to 40

275 to 325

Total MW

300 to 340

2,100 to 2,300

Retained MW

245 to 270

1,840 to 2,000

3rd Party Sales MW

55 to 70

260 to 300

Conference Call

SunEdison will host a conference call today, May 7, 2015, at 8:30 a.m. ET to discuss the company's 2015 first quarter results and related business matters.  A live webcast will be available on the company's web site at www.SunEdison.com, or by dialing (612) 332-0107 at least five minutes prior to the scheduled start time, and referencing "SunEdison."  A copy of the slide presentation related to the conference call will be posted on the company's web site prior to the start of the call.

A replay of the conference call will be available from 10:30 a.m. ET on May 7, 2015 , until 11:59 a.m. ET on May 21, 2015 . To access the replay, please dial (320) 365-3844 at any time during that period, using pass code 359417. A replay will also be available on the company's web site at www.SunEdison.com .

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