AC Modules Take Two. Enphase is buying the Sunpower micro inverter business, some of which tracks back to the Austin based inverter company, Solarbridge Technologies. A cash and stock deal also gives Enphase a path into Sunpower’s AC modules which caused the stock to jump up. Sunpower already has the market share in resi with its strong dealer network, which now translates to more market share for Enphase. Great deal for both sides in my opinion, well done.
A Tough Day At Tesla. Elon went to Twitter to publish his company wide email yesterday announcing a 9% cut to the workforce at Tesla plus the end of the retail relationship with Home Depot. I don’t have the details on the 9% that are going to lose their jobs but I have to think that solar will not be unaffected and I always hate to hear that. This will lead to a stronger Tesla and that is something I support. If any solar folks from Tesla are looking for the next big gig, let me know and I’ll do what I can to support your search.
An Idea For Elliot. Elliot which is behind the sale of NRG renewables unit is also involved in the Sempra divestment of its solar assets. I think Elliot should consider doing the same in the IOU business units, many of which have surpassed the monopoly revenue streams. I’m not going to call out particular names but some could double their market cap if they were split and I’m not a financial guru like the analysts are Elliot. Let’s see where they go next.
Big Money For Resi Solar. Vivint tapped the capital markets to lower its cost of debt funding for its projects. This is not only to lower the costs but also to refinance some of the likely shorter term capital for the projects that were placed into service. In any scenario $811million in capital is a big deal and it’s good to see the interest to get involved in this.
Growing US Solar. The quarter’s solar market insight is out and 2018 is on track to be on par with 2017, which is unfortunate because it could have been so much better. On the bright side, we have new great markets in Illinois which we will discuss next Thursday in Chicago, a few tickets remain at solarwakeuplive.com
- SolarWakeup: Enphase To Purchase SunPower Microinverter Business
- New York Times: Elon Musk, in Search of Profit, Cuts Tesla’s Work Force
- Utility Dive: Activist investors push Sempra to sell renewable assets, focus on utilities and LNG
- PV-Tech: Vivint Solar closes US$811 million in new financing
- SolarWakeup: U.S. Solar Continues To Grow Despite Significant Headwinds
- Greentech Media: New Leaders of Italy and Spain Smile on Renewables
- Houston Chronicle: NRG is back promoting solar power
- CNBC: Tesla ditches Home Depot as sales partner for home solar products
Opinion
Have a great day!
Yann