PITTSBURGH, Nov. 9, 2017 /PRNewswire/ -- In mid-September, Hurricane Maria caused major devastation to Puerto Rico, including knocking out the island's power grid. Weeks after the storm, the majority of Puerto Ricans are still without electricity. While rebuilding will be a long-term effort, a solar photovoltaic (PV) mobile electric generator is helping restore power to the U.S. territory. This portable solar solution, the Sun Commander® Series 8000 from Day & Night Solar (DNS), is providing immediate relief for the island by powering the construction sites where permanent renewable energy sources are being built.

The Sun Commander generator, featuring polyurethane composites from Covestro LLC, on its way to Puerto Rico to assist with rebuilding efforts following Hurricane Maria.
The Sun Commander generator, featuring polyurethane composites from Covestro LLC, on its way to Puerto Rico to assist with rebuilding efforts following Hurricane Maria.

Click to Tweet: Sun Commander generator featuring @CovestroGroup #polyurethane composites helps Puerto Rico rebuild: http://bit.ly/2jbsXMU

The expansive retractable array framework of the Sun Commander generator is formed from polyurethane composites produced via pultrusion, a continuous, cost-efficient process that utilizes a Covestro LLC polyurethane system. Creative Pultrusions, Inc. pultruded the polyurethane used for the Sun Commander generator's framework. Utilizing the pultruded polyurethane composite enabled DNS to slash the weight of the Sun Commander Series 8000 generator by ½ ton, according to DNS.

Unlike other traditional materials, strong, yet lightweight polyurethane composites will not rot or rust and are very resistant to corrosion. Given the coastal environment, traditional materials may deteriorate when exposed to salt spray and high humidity. Polyurethane composites are also non-conductive, eliminating the need for grounding, which is especially important for this application.

The Sun Commander Series 8000 generator moves from construction site to construction site throughout Puerto Rico, pulled behind a standard ¾-ton pickup truck. The solar array consists of 36 x 260 watt all-glass panels, creating a total DC system size of 9.36 kilowatts. When not in off-grid use, the versatile Sun Commander generator can be connected to an existing electrical system, helping to reduce the demand on that system by pumping power back onto the grid.

Based on the success of the Sun Commander generator, DNS has expanded its product line with the Sunpoly, according to Bob Eaton, DNS managing partner. "The Sunpoly system is a new, ground-mounted solar racking system manufactured almost entirely from polyurethane composite materials, a first in the industry," he explains.

The lightweight, easy-to-install Sunpoly system supports a pair of 72-cell solar panels in portrait mode and can withstand winds up to 185 miles per hour. Its corrosion-resistant properties help it withstand all types of environments for years of low-maintenance service. The Sunpoly system also has the same non-conductive properties as the Sun Commander generator thanks to its polyurethane composite materials.

"Advanced polyurethane composites are an ideal fit for solar technologies due to their lightweight, non-conductive and rust-resistant properties, and are far superior to traditional materials," said Eric Denison, vice president of polyurethane systems, Covestro LLC. "Sustainability is a core part of our mission at Covestro, and we're proud that DNS continues to use our materials to help advance the adoption of renewable energy sources."

About Covestro LLC:
Covestro LLC is one of the leading producers of high-performance polymers in North America and is part of the global Covestro business, which is among the world's largest polymer companies with 2016 sales of EUR 11.9 billion. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, electrical and electronics, and medical industries. Other sectors include sports and leisure, cosmetics and the chemical industry itself. Covestro has 30 production sites worldwide and employed approximately 15,600 people at the end of 2016.

Find more information at www.covestro.us or www.polyurethanes.covestro.com.

About Day & Night Solar:
Day & Night Solar (DNS) is a turn-key solar integrator of high-quality solar technologies to ensure maximum energy production and efficiency. DNS is focused on the supply and delivery of optimized electrical systems that promote the concepts of conservation and rational use of energy through the implementation of the principles of efficiency, sustainability and reliability.

For more information about Day & Night Solar visit www.dayandnightsolar.com.

Sun Commander and Sunpoly are trademarks of Day and Night Solar, LLC

Forward-Looking Statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

This press release is available for download from our website. Click here to view all our press releases.

Editor's Note: Follow news from Covestro on Twitter: www.twitter.com/CovestroGroup

Contact
Russell Glorioso
Telephone
+1 412 525 9330
Email
This email address is being protected from spambots. You need JavaScript enabled to view it.

View original content with multimedia:http://www.prnewswire.com/news-releases/mobile-solar-solution-featuring-covestro-polyurethane-deployed-to-puerto-rico-300552844.html

SOURCE Covestro LLC

Related Links

http://www.covestro.com/en

Read more: Mobile solar solution featuring Covestro...

GUELPH, Ontario, Nov. 9, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Total solar module shipments were 1,870 MW, compared to 1,745 MW in the second quarter of 2017, and the third quarter guidance in the range of 1,650 MW to 1,700 MW.
  • Net revenue was $912.2 million, compared to $692.4 million in the second quarter of 2017, and the third quarter guidance in the range of $805 million to $825 million.
  • Net revenue from the total solutions business as a percentage of total net revenue was 21.6% compared to 6.5% in the second quarter of 2017.
  • Gross margin was 17.5%, compared to gross margin of 24.2% in the second quarter of 2017 (including the benefits of two AD/CVD reversals of $42.6 million and $15.0 million based on the final rates of Solar 1 AR3 and Solar 2 AR1, respectively) and gross margin of 15.9% in the second quarter of 2017 (excluding the reversal benefits), and the third quarter guidance of 15.0% to 17.0%.
  • Net income attributable to Canadian Solar was $13.3 million, or $0.22 per diluted share, compared to net income of $38.2 million, or $0.63 per diluted share, in the second quarter of 2017.
  • Cash, cash equivalents and restricted cash balance as of September 30, 2017 was $1.15 billion, compared to $961.6 million as of June 30, 2017.
  • Net cash provided by operating activities was $153.8 million, compared to net cash used in operating activities of $83.4 million in the second quarter of 2017.
  • The Company's portfolio of solar power plants in commercial operation was 1,419.5 MWp as of September 30, 2017, with an estimated total resale value of approximately $2.0 billion. Only the class B share value of the Company's tax equity deal projects in the U.S. was included in the estimated resale value.

Update on the Monetization of the Operating Projects

  • In September and October 2017, the Company entered into definitive agreements with two Asian buyers, to sell a portfolio of six solar power projects in California, totaling 703 MWp. These transactions are subject to various government approvals. The parties hope to close the transactions in the fourth quarter of 2017 or the first quarter of 2018, depending on the timing of the required governmental approvals.
  • In September 2017, Canadian Solar Infrastructure Fund, Inc. ("CSIF"), a fund sponsored by a subsidiary of the Company, obtained approval from the Tokyo Stock Exchange, Inc. (the "TSE") to list its investment units on the TSE's infrastructure investment fund securities market. Japanese subsidiaries of Canadian Solar agreed to sell 13 operating solar power plants with a total installed capacity of 72.7 MWp to CSIF as its initial portfolio (the "Initial Portfolio"). An initial public offering of 177,800 CSIF investment units was priced at 100,000 Japanese yen per unit, before underwriting discounts. Of the units included in the offering, Canadian Solar purchased 25,395 units as the designated purchaser. The listing was completed on October 30, 2017. CSIF plans to use the net proceeds from the offering and anticipated bank borrowings of JPY 17.7 billion (approximately $156 million) to consummate the acquisition of the Initial Portfolio. Net sale proceeds to Canadian Solar from the Initial Portfolio amounted to JPY 30.4 billion (approximately $270 million). Canadian Solar expects to use part of the net sale proceeds to reduce its overall debt by JPY 18.7 billion (approximately $165 million).
  • In September 2017, the Company entered into an agreement to sell 99 percent of its Class B membership interests in the 92 MWp IS-42 project in North Carolina to Falck Renewables S.p.A., with closing expected in November 2017.
  • In October 2017, the Company entered into agreements to sell interests in three solar projects in Australia, totaling 117 MWp, to Foresight Solar Fund Limited. The transaction is expected to close in the fourth quarter of 2017.
  • During the quarter, the Company completed the sale of the 108 MWp SECI Maharashtra project in India.

Third Quarter 2017 Results

Net revenue in the third quarter of 2017 was $912.2 million, up 31.8% from $692.4 million in the second quarter of 2017 and up 38.8% from $657.3 million in the third quarter of 2016. Solar module shipments recognized in revenue totaled 1,782 MW, compared to 1,638 MW recognized in revenue in the second quarter of 2017 and 1,161 MW recognized in revenue in the third quarter of 2016. Solar module shipments recognized in revenue in the third quarter of 2017 included 12.6 MW used in the Company's total solutions business, compared to 29.2 MW in the second quarter of 2017, and 16.3 MW in the third quarter of 2016.

Gross profit in the third quarter of 2017 was $159.8 million, compared to $167.8 million in the second quarter of 2017 and $117.3 million in the third quarter of 2016. Gross margin in the third quarter of 2017 was 17.5%, compared to 24.2% in the second quarter of 2017, and 17.8% in the third quarter of 2016. Gross profit in the second quarter of 2017 included the benefits of two AD/CVD reversals of $42.6 million and $15.0 million based on the final rates of Solar 1 AR3 and Solar 2 AR1, respectively. Excluding the reversal benefits, gross margin in the second quarter of 2017 was 15.9%.

Total operating expenses were $102.0 million in the third quarter of 2017, up 21.3% from $84.1 million in the second quarter of 2017 and up 13.0% from $90.3 million in the third quarter of 2016.

Selling expenses were $42.8 million in the third quarter of 2017, up 8.9% from $39.3 million in the second quarter of 2017 and up 26.1% from $34.0 million in the third quarter of 2016. The sequential and year-over-year increases were primarily due to higher shipping and handling costs, resulting from higher module shipment volumes and external sales commissions.

General and administrative expenses were $53.3 million in the third quarter of 2017, up 0.7% from $53.0 million in the second quarter of 2017 and up 1.6% from $52.5 million in the third quarter of 2016.

Research and development expenses were $7.3 million in the third quarter of 2017, compared to $7.3 million in the second quarter of 2017 and $4.6 million in the third quarter of 2016. The year-over-year increase reflects the Company's continued commitment to investing in and commercializing solar energy technologies that differentiate the Company and strengthen its competitive position through higher efficiency, and more sought after energy solutions.

Other operating income was $1.4 million in the third quarter of 2017, compared to other operating income of $15.5 million in the second quarter of 2017 and $0.8 million in the third quarter of 2016. Other operating income in the second quarter of 2017 includes insurance compensation of $15.2 million for the loss of profit related to the June 2016 tornado damage to the Company's Funing cell factory.

Income from operations was $57.8 million in the third quarter of 2017, compared to income from operations of $83.7 million in the second quarter of 2017, and $27.0 million in the third quarter of 2016. Operating margin was 6.3% in the third quarter of 2017, compared to 12.1% in the second quarter of 2017 and 4.1% in the third quarter of 2016.

Non-cash depreciation and amortization charges were approximately $23.8 million in the third quarter of 2017, compared to $21.2 million in the second quarter of 2017, and $25.4 million in the third quarter of 2016.  Non-cash equity compensation expense was $2.1 million in the third quarter of 2017, compared to $4.2 million in the second quarter of 2017 and $1.8 million in the third quarter of 2016.

Interest expense was $33.7 million in the third quarter of 2017, compared to $26.7 million in the second quarter of 2017 and $18.8 million in the third quarter of 2016.

Interest income was $3.4 million in the third quarter of 2017, compared to $1.4 million in the second quarter of 2017 and $2.1 million in the third quarter of 2016. 

The Company recorded a gain on change in fair value of derivatives of $1.8 million in the third quarter of 2017, compared to a loss of $1.8 million in the second quarter of 2017 and a gain of $2.0 million in the third quarter of 2016. Foreign exchange loss in the third quarter of 2017 was $16.5 million compared to a foreign exchange loss of $11.6 million in the second quarter of 2017 and a foreign exchange gain of $4.4 million in the third quarter of 2016.

Income tax expense was $6.2 million in the third quarter of 2017, compared to income tax expense of $9.0 million in the second quarter of 2017 and income tax expense of $16 thousand in the third quarter of 2016.

Net income attributable to Canadian Solar was $13.3 million, or $0.22 per diluted share, in the third quarter of 2017, compared to net income attributable to Canadian Solar of $38.2 million, or $0.63 per diluted share, in the second quarter of 2017, and $15.6 million, or $0.27 per diluted share, in the third quarter of 2016.

Financial Condition

The Company had $1.15 billion of cash, cash equivalents and restricted cash as of September 30, 2017, compared to $961.6 million as of June 30, 2017.

Accounts receivable, net of allowance for doubtful accounts, as of September 30, 2017 were $457.4 million, compared to $367.6 million as of June 30, 2017. Accounts receivable turnover was 47 days in the third quarter of 2017, compared to 56 days in the second quarter of 2017.

Inventories as of September 30, 2017 were $301.5 million, compared to $283.2 million as of June 30, 2017. Inventory turnover was 37 days in the third quarter of 2017, compared to 52 days in the second quarter of 2017.

Accounts and notes payable as of September 30, 2017 were $1.06 billion, compared to $899.5 million as of June 30, 2017.

Excluding the borrowings included in "Liabilities held-for-sale", short-term borrowings as of September 30, 2017 were $2.14 billion, compared to $2.04 billion as of June 30, 2017. Long-term borrowings as of September 30, 2017 were $318.2 million, compared to $273.0 million as of June 30, 2017.

The Company had approximately $1.29 billion in non-recourse bank borrowings as of September 30, 2017. Senior convertible notes totaled $126.2 million as of September 30, 2017, compared to $126.0 million as of June 30, 2017. Total borrowings directly related to utility-scale solar power projects, which included approximately $1.22 billion of non-recourse borrowings, were $1.43 billion as of September 30, 2017, compared to $1.30 billion as of June 30, 2017.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, "This was a good quarter for us, as solar module shipments, revenue and gross margin all exceeded guidance mainly due to the better-than-expected demand in China, and the pull-in effects in the U.S. market ahead of the Section 201 ruling. As a result, the average selling price of solar modules was sustained in the quarter. Our shipments to third-party customers in the U.S. were moderate in the third quarter, as we supplied modules to our own 281MWp Tranquility 8 utility-scale project in California. However, the pull-in effect appears to have driven the spot market solar module price higher globally and pushed low-price solar module demand into 2018. We did, however, encounter some headwinds. The cost of raw materials, such as high-purity polysilicon and aluminum extrusion products, increased significantly during the quarter. In addition, the appreciation of the Chinese Renminbi and the Canadian dollar against the U.S. dollar resulted in foreign exchange losses to the Company and drove up our production cost. We responded by expanding on those manufacturing steps in which we have technology advantages, such as diamond wire-saw wafering and black silicon solar cell. These efforts helped to partially offset the increase of raw materials costs. Meanwhile, we are continuously making progress in the monetization of our operating solar power plants. We are close to the finish line with transactions to sell certain project assets in the U.S. and Australia. In Japan, CSIF was listed on the TSE's infrastructure investment fund securities market on October 30, 2017, with an initial portfolio of 72.7 MWp.  During the quarter, we also completed the sale of the 108 MWp SECI Maharashtra project in India.  We are excited with the results of our hard work and remain focused on executing our strategy to develop and sell quality solar products and projects to create the maximum value for our shareholders."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added, "Our higher-than-expected solar module shipments in the third quarter were driven by strong demand for solar modules from China, the U.S., Japan and India. Our higher gross margin was the result of increased average selling price compared to our previous expectation, better cost controls and manufacturing efficiencies.  We are pleased with the progress we have made in the monetization of our operating solar power plants in the U.S. and Japan.  We will further reduce our overall debt, after the sale of the 703 MWp of U.S. projects, 150 MWp U.K. project and CSIF's initial public offering in Japan."

Utility-Scale Solar Project Pipeline

The Company divides its utility-scale solar project pipeline into two parts: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years.

Late-Stage Utility-Scale Solar Project Pipeline

As of October 31, 2017, the Company's late-stage utility-scale solar project pipeline, including those in construction, totaled approximately 1,598.9 MWp, which included 344.5 MWp in Japan, 416 MWp in China, 326.4 MWp in Brazil, 238 MWp in the U.S., 117 MWp in Australia, 68 MWp in Mexico, 41 MW in Chile, 22 MWp in the Philippines, 18 MWp in Africa and 8 MWp in the U.K. The Company cautions that some late-stage projects may not reach completion due to various completion risks, such as failure to secure permits and grid connection, among others.

In the U.S., the Company signed two PPAs for the 150 MWac/210 MWp Mustang 2 solar photovoltaic project located in Kings County in central California. Peninsula Clean Energy signed a 15-year Power Purchase Agreement ("PPA") for 100 MWac of solar power, and the Modesto Irrigation District signed a 20-year PPA for the remaining 50 MWac of the project. Electricity will be delivered following commercial operation of the project, expected in 2019.

The 20 MWac/28 MWp Gaskell West 1 solar project, located in Kern County in southern California, is currently under construction and is expected to begin delivering electricity to Southern California Edison by mid-2018 pursuant to a 20-year PPA. 

The Company's wholly-owned subsidiary, Recurrent Energy, entered into an agreement for the sale of 99 percent of its Class B membership interest in the 71 MWac/92 MWp IS-42 solar project located in North Carolina to Falck Renewables S.p.A., with closing expected in November 2017. This project reached commercial operation in September 2017.

The table below sets forth the Company's late-stage utility-scale solar project pipeline in the U.S. as of October 31, 2017:

U.S. Project

MWp

Location

Status

Expected COD

Mustang 2

210

California

Development

2019

Gaskell West 1

28

California

Construction

2018

Total

238




In Japan, as of October 31, 2017, the Company's pipeline of utility-scale solar projects totaled approximately 543.3 MWp. 344.5 MWp of these projects are described as late-stage which have secured interconnection agreements and FIT. 140.6 MWp of the late-stage projects are under construction and 203.9 MWp are under development.  A total of 30.4 MWp of projects have achieved commercial operation since July 31, 2017, of which 29.4 MWp were connected to the grid in the third quarter and 1 MWp was connected in October 2017. Canadian Solar has an additional 198.8 MWp of utility-scale solar projects in the bidding process, which will be added to the list of late-stage projects once FIT is awarded.

Expected Japan COD Schedule of Late-Stage Projects (MWp)

Q4 2017


2018


2019


2020


2021 and
Thereafter


Total

19.1


79.1


87.2


141.2


17.9


344.5

In Brazil, the Company has a total of 326.4 MWp of late-stage projects. The table below sets forth the Company's late-stage utility-scale solar project pipeline in Brazil as of October 31, 2017:

Brazil Project

MWp

Location

Status

Expected COD

Guimarania

80.6

Brazil

Development

2018

Pirapora I

38.3*

Brazil

Commissioned

2017

Pirapora II

115

Brazil

Construction

2018

Pirapora III (formerly Vazante)

92.5

Brazil

Construction

2017

Total

326.4





*38.3 MWp represents the Company's 20% equity interest in 191.5 MWp Pirapora I.

The Company completed the sale of an 80% interest in each of 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III to EDF. The Company supplies modules for all the Pirapora projects.

In November 2017, the 191.5 MWp Pirapora I project reached commercial operation and the 92.5 MWp Pirapora III project was commissioned.

The Company acquired the 80.6 MWp Guimarania solar power project in Brazil during the third quarter 2017.  Canadian Solar will build and provide solar modules to the project.  The project received a 20-year PPA from the second Reserve Energy Auction at R$290.00/MWh (approximately US$91.77/MWh).  Construction will start in early 2018, with targeted commercial operation in the fourth quarter of 2018.

In Australia, the Company entered into binding contracts in October 2017 to sell interests in three solar farms in Queensland, Australia, with an aggregate 117 MWp of capacity to Foresight Solar Fund Limited ("FSFL"). FSFL is acquiring 49% interests in each of Longreach Solar Farm (17 MWp) and Oakey 1 Solar Farm (30 MWp), and a 100% interest in Oakey 2 Solar Farm (70 MWp).

In China, as of October 31, 2017, the Company's late-stage utility-scale power pipeline stands at 416 MWp.

Solar Power Plants in Operation

In addition to its late-stage, utility­-scale solar project pipeline, the Company has a portfolio of solar power plants in operation, totaling 1,419.5 MWp as of September 30, 2017, which are recorded on its balance sheet as project assets, assets held-for-sale and solar power systems, net. Revenue from the sale of electricity generated by the plants recorded as "assets held-for-sale" and "solar power systems, net" in the third quarter of 2017 totaled $9.6 million, compared to $9.8 million in the second quarter of 2017.

The sale of projects recorded as "project assets" (build-­to-­sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build-­to-­own) on the balance sheet will be recorded within 'other operating income (expenses)' in the income statement.  

The table below sets forth the Company's total portfolio of solar power plants in operation as of September 30, 2017:

Plants in Operation (MWp)

 U.S.

 Japan*

 U.K.

China    

India

Other

Total

900

139.8

150

188.7

36

5

1,419.50


*As of October 31, 2017, the Company had a total of 68.1 MWp of plants in operation in Japan after the sale of 72.7 MWp of operating projects to CSIF in October 2017. The Company plans to continue to sell its operating solar power plants in Japan to CSIF.

Manufacturing Capacity                                                                                                

The table below sets forth the Company's capacity expansion plan from June 30, 2017 to December 31, 2018:


Manufacturing Capacity Roadmap (MW)


30-Jun-17

31-Dec-17

30-Jun-18

31-Dec- 18*

Ingot

-

1,200

1,720

2,500

Wafer

2,000

5,000

5,000

5,000

Cell

4,490

5,450

6,200

6,950

Module

6,970

8,110

9,060

10,310


*Final decisions on the manufacturing capacity at the end of 2018 are subject to market conditions.

The Company completed the ramp up of the new multi-crystalline silicon ingot casting workshop at Baotou, China at the end of the third quarter of 2017, with a total annual capacity of 1,100 MW, including capacity relocated from the Company's Luoyang plant. The total annual capacity is expected to reach 1,200 MW by the end of 2017 through production debottlenecking. The new Baotou ingot factory enables the Company to reduce the amount it pays to purchase external ingots and thus reduces its all-in module manufacturing costs. The Company plans to further increase its ingot capacity to 1,720 MW by June 30, 2018, and may expand to 2,500 MW if market conditions justify.

The Company's wafer manufacturing capacity is now 3.0 GW and is expected to reach 5.0 GW by December 31, 2017, compared to the 4.0 GW originally planned, mainly as a result of production debottlenecking. All the Company's wafer capacity uses diamond wire-saw technology, which is compatible with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, allowing it to significantly reduce silicon usage and manufacturing costs.

The Company's solar cell manufacturing capacity at the end of third quarter of 2017 was 4.7 GW. The Company plans to add additional cell manufacturing capacity in its Funing and South East Asia plants later this year to bring its total cell manufacturing capacity to 5.45 GW by December 31, 2017. The Company plans to add another 1.5 GW in 2018 to reach approximately 7 GW by the end of 2018.

The Company expects that its total worldwide module manufacturing capacity will exceed 8.11 GW by December 31, 2017, and may further increase it to over 10 GW by the end of 2018, if market conditions justify.

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is subject to uncertainties relating to final customer demand and solar project construction schedules. Management's views and estimates are subject to change without notice.

For the fourth quarter of 2017, the Company expects its total solar module shipments to be in the range of approximately 1,650 MW to 1,750 MW, including approximately 60 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the fourth quarter of 2017. Total revenue for the fourth quarter of 2017, which includes revenue from both of our solar module sales and from our energy business, is expected to be in the range of $1.77 billion to $1.81 billion, which is based on the best estimate of the transaction dates of certain utility-scale solar project sales, as discussed in previous sections. Revenue will be affected if some of the project sales slip to 2018. Gross margin for the fourth quarter of 2017 is expected to be between 10.5% and 12.5%.

For the full year 2017, the Company expects its total module shipments to be in the range of approximately 6.7 GW to 6.8 GW, compared to 6.0 GW to 6.5 GW as previously guided. The Company expects its revenue for the full year 2017 to be in the range of $4.05 billion to $4.09 billion. Module shipments recognized in revenue and total annual revenue will depend on market conditions, including ASP trends and governmental approvals for the sale of solar projects.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commended, "Looking into Q4 of 2017 and next year, the solar industry continues to face both opportunities and challenges. We believe that solar energy will be adopted by more and more people and the long-term aspect of the industry is bright given the compelling fundamentals.  However, the environmental and trade policies of certain countries will likely continue to cause uncertainty.  Separately, while Canadian Solar remains an industry cost leader, the unexpected raw material cost increase and the appreciation of Chinese currency over the past few months will make it challenging for us to reach our previously-set solar module manufacturing cost target by the end of 2017. Canadian Solar will continue to prioritize profitability rather than market share, focus on research and technology, and selectively invest into certain manufacturing processes to optimize our supply chain and cost structure."

Recent Developments

In addition to the transactions described above:

On November 8, 2017, Canadian Solar and EDF Energies Nouvelles announced that the 191.5 MWp Pirapora I and 92.5 MWp Pirapora III solar energy projects in Brazil, totaling 284 MWp, were commissioned in November 2017. 

On October 23, 2017, Canadian Solar announced that it supplied 666.4 kW of solar PV modules for an iconic solar project on Robben Island, near Cape Town in South Africa.

On October 17, 2017, Canadian Solar announced that one of its wholly-owned subsidiaries and several subsidiaries of Menora Mivtachim Holdings Ltd. entered into a joint venture agreement with the aim of investing in the development, financing, construction and ownership of solar power projects in Israel.

On October 16, 2017, Canadian Solar announced that it entered into contracts to sell interests in three solar farms in Queensland, Australia, with an aggregate 117 MWp of capacity to Foresight Solar Fund Limited.

On September 12, 2017, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, and Peninsula Clean Energy signed a 15-year Power Purchase Agreement for 100 megawatts of solar power.

On September 6, 2017, Canadian Solar announced that it acquired the 80.6 MWp Guimarania solar photovoltaic project in the state of Minas Gerais, Brazil.  Canadian Solar will build the project and provide the modules for the project from its local factory in Brazil.

On August 30, 2017, Canadian Solar announced that it successfully completed construction and started commercial operation of a 27.3 MWp solar photovoltaic power plant in Tottori Prefecture, Japan.

Conference Call Information

The Company will hold a conference call on Thursday, November 9, 2017 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 9, 2017 in Hong Kong) to discuss the Company's third quarter 2017 results and business outlook. The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 from international locations. The passcode for the call is 99552288.  A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.

A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. on Friday, November 17, 2017, U.S. Eastern Standard Time (9:00 p.m., November 17, 2017 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 99552288.  A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2017. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

FINANCIAL TABLES FOLLOW


Canadian Solar Inc.


Unaudited Condensed Consolidated Statement of Operations


(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated)





Three Months Ended


Nine Months Ended



September 30,


June 30,


September 30,


September 30,


September 30,



2017


2017


2016


2017


2016












Net revenues

$  912,223


$  692,366


$  657,323


$  2,281,630


$2,184,650

Cost of revenues

752,422


524,527


540,030


1,862,584


1,816,418













Gross profit

159,801


167,839


117,293


419,046


368,232












Operating expenses:











Selling expenses

42,831


39,324


33,965


116,096


102,618


General and administrative
expenses

53,328


52,950


52,510


161,347


140,952


Research and development
expenses

7,271


7,318


4,646


20,214


14,203


Other operating (income) loss

(1,399)


(15,502)


(797)


(17,798)


5,535

Total operating expenses

102,031


84,090


90,324


279,859


263,308












Income from operations

57,770


83,749


26,969


139,187


104,924

Other income (expenses):











Interest expense

(33,656)


(26,717)


(18,807)


(84,484)


(46,825)


Interest income

3,382


1,393


2,077


7,297


7,855


Gain (loss) on change in fair value
of derivatives

1,764


(1,849)


2,044


(7,836)


3,076


Foreign exchange gain (loss)

(16,474)


(11,648)


4,446


(13,908)


37,893


Investment loss

-


-


(1,719)


-


(561)


Gain on repurchase of convertible
notes

-


-


322


-


2,782

Other income (expenses), net

(44,984)


(38,821)


(11,637)


(98,931)


4,220












Income before income taxes and
equity in earnings (loss) of
unconsolidated investees

12,786


44,928


15,332


40,256


109,144

Income tax expense

(6,165)


(8,958)


(16)


(12,015)


(28,574)

Equity in earnings (loss) of
unconsolidated investees

6,971


4,384


(131)


11,961


(1,519)

Net income

13,592


40,354


15,185


40,202


79,051












Less: Net income (loss)
attributable to non-controlling
interests

299


2,142


(429)


2,033


474












Net income attributable to
Canadian Solar Inc.

$   13,293


$  38,212


$  15,614


$   38,169


$   78,577












Earnings per share - basic

$   0.23


$  0.66


$   0.27


$   0.66


$   1.37

Shares used in computation - basic

58,392,071


57,947,324


57,778,388


58,059,372


57,429,580

Earnings per share - diluted

$   0.22


$  0.63


$   0.27


$   0.65


$   1.35

Shares used in computation - diluted

59,283,636


62,049,899


58,276,183


58,608,831


60,969,308













Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(In Thousands of US Dollars)



 Three Months Ended


 Nine Months Ended



September 30,


June 30,


September 30,


September 30,


September 30,



2017


2017


2016


2017


2016


Net Income

13,592


40,354


15,185


40,202


79,051


Other comprehensive income (net of
tax of nil):











Foreign currency translation
adjustment

23,148


3,833


(11,227)


35,910


(21,907)


Gain (loss) on changes in fair value of
derivatives

(456)


(3,611)


1,763


(2,386)


(3,694)


Comprehensive income

36,284


40,576


5,721


73,726


53,450


Less: comprehensive income (loss)
attributable to non-controlling interests

97


3,153


(581)


812


(478)


Comprehensive income attributable
to Canadian Solar Inc.

36,187


37,423


6,302


72,914


53,928


Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheet

(In Thousands of US Dollars)




September 30,


December 31,




2017


2016


ASSETS





Current assets:






Cash and cash equivalents

$          614,586


$          511,039



Restricted cash - current

528,725


487,516



Accounts receivable trade, net

457,418


400,251



Accounts receivable, unbilled

3,426


3,425



Amounts due from related parties

29,872


19,082



Inventories

301,526


295,371



Value added tax recoverable

85,477


55,680



Advances to suppliers - current

92,895


29,312



Derivative assets - current

12,201


12,270



Project assets - current

1,658,867


1,317,902



Assets held-for-sale

227,181


392,089



Prepaid expenses and other current assets

192,675


266,826


Total current assets

4,204,849


3,790,763


Restricted cash - non-current

10,770


9,145


Property, plant and equipment, net

674,681


462,345


Solar power systems, net

66,960


112,062


Deferred tax assets, net

248,299


229,980


Advances to suppliers - non-current

53,032


54,080


Prepaid land use right

68,791


48,651


Investments in affiliates

401,971


368,459


Intangible assets, net

9,867


8,422


Goodwill

6,248


7,617


Derivatives assets - non-current

9,911


15,446


Project assets - non-current

148,144


182,391


Other non-current assets

144,567


117,245


TOTAL ASSETS

$         6,048,090


$         5,406,606


Current liabilities:






Short-term borrowings

$         2,140,021


$         1,600,033



Accounts and notes payable

1,056,694


736,779



Amounts due to related parties

14,231


19,912



Other payables

295,780


223,584



Short-term commercial paper

-


131,432



Advances from customers

82,852


90,101



Derivative liabilities - current

8,980


9,625



Liabilities held-for-sale

227,285


279,272



Financing liability

419,065


459,258



Other current liabilities

167,089


171,070


Total current liabilities

4,411,997


3,721,066


Accrued warranty costs

62,768


61,139


Convertible notes

126,248


125,569


Long-term borrowings

318,174


493,455


Derivatives liabilities - non-current

680


-


Liability for uncertain tax positions

8,913


8,431


Deferred tax liabilities - non-current

26,381


23,348


Loss contingency accruals

25,352


22,654


Other non-current liabilities

76,485


51,554


Total LIABILITIES

5,056,998


4,507,216


Equity:






Common shares

702,136


701,283



Additional paid-in capital

(1,769)


(8,897)



Retained earnings

322,279


284,109



Accumulated other comprehensive loss

(57,069)


(91,814)


Total Canadian Solar Inc. shareholders' equity

965,577


884,681


Non-controlling interests in subsidiaries

25,515


14,709


TOTAL EQUITY

991,092


899,390


TOTAL LIABILITIES AND EQUITY

$         6,048,090


$         5,406,606












View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2017-results-300552808.html

SOURCE Canadian Solar Inc.

Related Links

http://www.canadiansolar.com

Read more: Canadian Solar Reports Third Quarter 2017 Results

FREMONT, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services, today announced its financial results for the third quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Revenues for the quarter of $166.6 million
  • GAAP gross margin for the quarter of 34.9%
  • GAAP operating income for the quarter of $25.4 million
  • GAAP net income for the quarter of $28.0 million
  • Non-GAAP net income for the quarter of $31.5 million
  • GAAP net diluted earnings per share for the quarter of $0.61
  • Non-GAAP net diluted earnings per share for the quarter of $0.66
  • Cash flow from operating activities of $33.6 million
  • 676 Megawatts (AC) of inverters shipped for the quarter

“We are happy to report another record quarter, in revenues, profitability and cash flow generation. On the operational side, we shipped more than two million optimizers this quarter, and have now shipped more than 20 million optimizers since initiating sales in 2010,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “Sales this quarter from outside the United States were 51% of our revenues, resulting from our continued investment in global sales. We continue to generate increasing cash flow from operations which enhances our financial strength and allows us to continue to invest in new products and development of new markets.”

Quarter Ended September 30, 2017 Summary

The Company reported record revenues of $166.6 million, up 22% from the prior quarter and up 30% year over year.

GAAP gross margin reached 34.9%, up from 34.6% in the prior quarter and up from 32.6% year over year.

GAAP operating expenses were $32.7 million, an increase of 17% from the prior quarter and 38% year over year.

GAAP operating income was $25.4 million, up 33% from $19.1 million in the prior quarter and up from $18.2 million year over year.

GAAP net income was $28.0 million, up 24% from $22.5 million in the prior quarter and up from $15.6 million year over year.

Non-GAAP net income was $31.5 million, up 22% from $25.8 million in the prior quarter and up from $20.9 million year over year.

GAAP net diluted earnings per shares (“EPS”) was $0.61, up from $0.50 in the prior quarter and up from $0.35 year over year.

Non-GAAP net diluted EPS was $0.66, up from $0.55 in the prior quarter and up from $0.46 year over year.

As of September 30, 2017, cash, cash equivalents, restricted cash and marketable securities totaled $304.7 million, compared to $274.7 million on June 30, 2017.

Outlook for the Quarter Ending December 31, 2017

The Company also provides guidance for the fourth quarter ending December 31, 2017 as follows:

  • Revenues to be within the range of $175 million to $185 million;
  • Gross margins to be within the range of 33% to 35%.

Conference Call

The Company will host a conference call to discuss these results at 4:30 P.M. EST on Wednesday, November 8, 2017. The call will be available, live, to interested parties by dialing 888-298-3457. For international callers, please dial +1 719-325-2199. The Conference ID number is 6325065. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com.

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge provides an intelligent inverter solution that has changed the way power is harvested and managed in solar photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while lowering the cost of energy produced by the solar PV system. Supporting increased PV proliferation, the SolarEdge system consists of power optimizers, inverters, home energy management, storage solutions, and a cloud-based monitoring platform. SolarEdge’s solutions address a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations. SolarEdge is online at http://www.solaredge.us.

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Registration Statement on Form S-1 (including the related prospectus), Annual Report on Form 10-KT for the year ended December 31, 2016, filed on February 21, 2017, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of November 8, 2017. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

 
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
  Three months ended   Nine months ended
September 30, September 30,
2017  

2016

2017     2016
Unaudited Unaudited
 
Revenues $ 166,552 $ 128,484 $ 417,705 $ 378,441
Cost of revenues   108,498   86,609   273,909     256,719
 
Gross profit   58,054   41,875   143,796     121,722
 
Operating expenses:
 
Research and development, net 14,363 9,935 38,546 27,876
Sales and marketing 13,217 10,036 35,953 27,792
General and administrative   5,078   3,664   12,782     10,191
 

Total operating expenses

  32,658   23,635   87,281     65,859
 
Operating income 25,396 18,240 56,515 55,863
 
Financial income, net   2,666   390   7,671     1,892
 
Income before taxes on income 28,062 18,630 64,186 57,755
 
Taxes on income (tax benefit)   91   3,014   (484 )   4,067
 
Net income $ 27,971 $ 15,616 $ 64,670   $ 53,688
 
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
  September 30,   December 31,
  2017     2016  
Unaudited
ASSETS
 
CURRENT ASSETS:
Cash and cash equivalents $ 149,448 $ 104,683
Restricted cash 1,400 897
Marketable Securities 81,488 74,465
Trade receivables, net 91,694 71,041
Prepaid expenses and other accounts receivable 38,201 21,347
Inventories   62,356     67,363  

 

Total current assets

  424,587     339,796  
 
LONG-TERM ASSETS:
Marketable securities 72,351 44,262
Property, equipment and intangible assets, net 45,714 37,381
Prepaid expenses and lease deposits 732 489
Deferred tax assets, net   5,822     2,815  
 

Total long term assets

  124,619     84,947  
 

Total assets

$ 549,206   $ 424,743  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Trade payables, net $ 42,700 $ 34,001
Employees and payroll accruals 17,640 13,018
Warranty obligations 12,942 13,616
Deferred revenues 2,743 1,202
Accrued expenses and other accounts payable   16,407     8,648  
 

Total current liabilities

  92,432     70,485  
 
LONG-TERM LIABILITIES:
Warranty obligations 58,625 44,759
Deferred revenues 26,858 18,660
Lease incentive obligation   1,838     2,061  
 

Total long-term liabilities

  87,321     65,480  
 
COMMITMENTS AND CONTINGENT LIABILITIES
 
STOCKHOLDERS’ EQUITY:
 
Common stock 4 4
Additional paid-in capital 323,076 307,098
Accumulated other comprehensive loss (297 ) (324 )
Retained earnings (accumulated deficit) 46,670 (18,000 )
 

Total stockholders’ equity

369,453 288,778
 

Total liabilities and stockholders’ equity

$ 549,206   $ 424,743  
 
SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
  Nine months ended
September 30,
  2017       2016  
Unaudited

Cash flows provided by operating activities:

Net income $ 64,670 $ 53,688
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangible assets 4,932 3,468
Amortization of premiums on available-for-sale marketable securities 1,310 829
Stock-based compensation 12,183 8,132
Deferred tax assets, net (3,063 ) 2,327
Realized losses on Cash Flow Hedges - 2
 
Changes in assets and liabilities:
Inventories 5,005 19,216
Prepaid expenses and other accounts receivable (17,360 ) 8,214
Trade receivables, net (20,168 ) (38,105 )
Trade payables, net 8,667 (21,699 )
Employees and payroll accruals 4,509 (916 )
Warranty obligations 13,192 15,514
Deferred revenues 9,699 5,069
Accrued expenses and other accounts payable 7,537 2,192
Lease incentive obligation   (223 )   (185 )
 
Net cash provided by operating activities   90,890     57,746  
 

Cash flows used in investing activities:

Purchase of property and equipment (13,203 ) (13,869 )
Decrease (increase) in restricted cash (503 ) 2,471
Decrease (increase) in short and long-term lease deposits (60 ) 37
Investment in available-for-sale marketable securities (82,469 ) (85,579 )
Maturities of available-for-sale marketable securities   46,513     21,654  
 
Net cash used in investing activities $ (49,722 ) $ (75,286 )
 

Cash flows from financing activities:

Issuance costs related to initial public offering $ - $ (194 )
Proceeds from issuance of shares upon exercise of options   3,795     1,774  
 
Net cash provided by financing activities   3,795     1,580  
 
Increase (decrease) in cash and cash equivalents 44,963 (15,960 )
Cash and cash equivalents at the beginning of the period 104,683 106,150
Effect of exchange rate differences on cash and cash equivalents   (198 )   (176 )
 
Cash and cash equivalents at the end of the period $ 149,448   $ 90,014  
 
SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except gross profit and per share data)
(Unaudited)
 
Reconciliation of Non-GAAP Financial Measures
 
  Reconciliation of GAAP to Non-GAAP Gross Profit
Three months ended   Nine months ended
September 30, 2017   June 30, 2017   September 30,2016 September 30, 2017   September 30,2016
 
Gross profit (GAAP) 58,054 47,066 41,875 143,796 121,722
Stock-based compensation 538   517   385   1,548   941  
Gross profit (Non-GAAP) 58,592   47,583   42,260   145,344   122,663  
 
Reconciliation of GAAP to Non-GAAP Gross Margin
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Gross margin (GAAP) 34.9 % 34.6 % 32.6 % 34.4 % 32.2 %
Stock-based compensation 0.3 % 0.4 % 0.3 % 0.4 % 0.2 %
Gross margin (Non-GAAP) 35.2 % 35.0 % 32.9 % 34.8 % 32.4 %
 
Reconciliation of GAAP to Non-GAAP Operating expenses
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Operating expenses (GAAP) 32,658 27,951 23,635 87,281 65,859
Stock-based compensation R&D 1,423 1,280 927 3,908 2,398
Stock-based compensation S&M 1,439 1,204 849 3,673 2,421
Stock-based compensation G&A 1,137   1,033   939   3,054   2,371  
Operating expenses (Non-GAAP) 28,659   24,434   20,920   76,646   58,668  
 
Reconciliation of GAAP to Non-GAAP Operating income
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Operating income (GAAP) 25,396 19,115 18,240 56,515 55,863
Stock-based compensation 4,537   4,034   3,100   12,183   8,132  
Operating income (Non-GAAP) 29,933   23,149   21,340   68,698   63,995  
 
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Tax on income (Tax benefit) (GAAP) 91 186 3,014 (484 ) 4,067
Deferred tax asset (realized) 959   773   (2,179 ) 3,064   (2,326 )
Tax on income (Tax benefit) (Non-GAAP) 1,050   959   835   2,580   1,741  
 
Reconciliation of GAAP to Non-GAAP Net income
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Net income (GAAP) 27,971 22,524 15,616 64,670 53,688
Stock-based compensation 4,537 4,034 3,100 12,183 8,132
Deferred tax realized (asset) (959 ) (773 ) 2,179   (3,064 ) 2,326  
Net income (Non-GAAP) 31,549   25,785   20,895   73,789   64,146  
 
Reconciliation of GAAP to Non-GAAP Net basic EPS
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Net basic earnings per share (GAAP) 0.66 0.54 0.38 1.55 1.32
Stock-based compensation 0.11 0.10 0.08 0.29 0.20
Deferred tax realized (asset) (0.03 ) (0.02 ) 0.05   (0.08 ) 0.06  
Net basic earnings per share (Non-GAAP) 0.74   0.62   0.51   1.76   1.58  
 
Reconciliation of GAAP to Non-GAAP Net diluted EPS
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Net diluted earnings per share (GAAP) 0.61 0.50 0.35 1.44 1.21
Stock-based compensation 0.07 0.06 0.06 0.19 0.14
Deferred tax realized (asset) (0.02 ) (0.01 ) 0.05   (0.06 ) 0.05  
Net diluted earnings per share (Non-GAAP) 0.66   0.55   0.46   1.57   1.40  
 
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
Three months ended Nine months ended
September 30, 2017 June 30, 2017 September 30,2016 September 30, 2017 September 30,2016
Number of shares used in computing net diluted earnings per share (GAAP) 46,131,556 44,831,590 43,995,227 44,937,527 44,348,461
Stock-based compensation 1,535,258   2,228,246   1,742,211   2,084,722   1,343,651  
Number of shares used in computing net diluted earnings per share (Non-GAAP) 47,666,814   47,059,836   45,737,438   47,022,249   45,692,112  
Read more: SolarEdge Announces Third Quarter 2017 Financial...

ATLANTA, Nov. 8, 2017 /PRNewswire/ -- Georgia Power announced today the latest milestone at the Vogtle nuclear expansion project – the recent placement of the CA02 module for Unit 4. Weighing 52 tons, the CA02 is a critical component and part of the In-Containment Refueling Water Storage Tank (IRWST). The IRWST is a 75,300 cubic foot tank that, once the units are operational, is filled with borated water and is a key safety feature within containment providing automatic, gravity-fed backup cooling for the reactor vessel.

Georgia Power has also released the latest Vogtle Timeline video highlighting safety, productivity and efficiency at the Vogtle site in the third quarter of 2017. More than 6,000 workers are onsite today working on the nation's only new nuclear units and focused on increased productivity and safe, high-quality construction.

Now available on Georgia Power's YouTube Channel, the new Vogtle Timeline video includes:  

  • Comments from Mark Rauckhorst, executive vice president for the Vogtle 3 and 4 project. Rauckhorst discusses progress and productivity at the site, the unified recommendation to move forward with the project and the renewed confidence of thousands of workers with more than 40 million safe work hours achieved without a lost-time accident.   
  • Construction progress through the third quarter of 2017, highlighting recent milestones such as placement of the first steam generator, installation of two accumulator tanks for Unit 3 and a concrete placement lasting more than 75 hours in Unit 3 containment resulting in continuous pouring of nearly 2,000 cubic yards of concrete, followed by placement of 430 cubic yards of concrete in Unit 4 containment.
  • Plant Vogtle's continued support of local education through programs such as Neighborhood Renewal. Four local students recently received college scholarships to pursue careers in the STEM (science, technology, engineering and math) fields.

Follow the progress being made at the project with new photos added from the Vogtle nuclear expansion site each month in the Plant Vogtle 3 & 4 Online Photo Gallery.

Vogtle Project Review Underway 
Georgia Power owns 45.7 percent of the new units, with the project's other Georgia-based co-owners including Oglethorpe Power, MEAG Power and Dalton Utilities. On August 31, Georgia Power filed a recommendation with the Georgia Public Service Commission (PSC) to continue construction of the Vogtle nuclear expansion supported by all of the project's other co-owners. The recommendation was based on the results of a comprehensive schedule, cost-to-complete and cancellation assessment launched following the bankruptcy of Westinghouse in March. The Georgia PSC is reviewing the recommendation and is expected to make a decision regarding the future of the Vogtle 3 and 4 project as part of the 17th Vogtle Construction Monitoring (VCM) proceeding. Read the 17th VCM Report here and comments from Georgia Power Chairman, President & CEO Paul Bowers to the Georgia PSC here.

From the beginning of the Vogtle expansion, Georgia Power has worked to minimize the impact of the new units on customer bills. This effort continues during the Georgia PSC's review of the recommendation with the company recently announcing a conditional commitment of approximately $1.67 billion in additional loan guarantees for the project from the U.S. Department of Energy (DOE), as well as receipt of the first of multiple scheduled parent guarantee payments from Toshiba. Today, the total expected rate impact of the project remains less than the original estimate, after including anticipated customer benefits from federal production tax credits, interest savings from loan guarantees from the DOE and the fuel savings of nuclear energy.

Final approval and issuance of these additional loan guarantees by the DOE cannot be assured and are subject to the negotiation of definitive agreements, completion of due diligence by the DOE, receipt of any necessary regulatory approvals, and satisfaction of other conditions.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this communication is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning expected rate impacts and other future actions related to Plant Vogtle Units 3 and 4. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of any inability or other failure of Toshiba to perform its obligations under its guarantee; the impact of any failure to extend the in-service deadline for federal production tax credits; the impact of any failure to amend the DOE loan guarantee to allow for additional borrowings; state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries; available sources and costs of fuels; effects of inflation; the ability to control costs and avoid cost overruns during the development construction and operation of facilities, which include the development and construction of generating facilities with designs that have not been finalized or previously constructed; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology; legal proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, including Georgia Public Service Commission approvals and Nuclear Regulatory Commission actions; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in The Southern Company's or Georgia Power's credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of DOE loan guarantees; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.

View original content with multimedia:http://www.prnewswire.com/news-releases/52-ton-ca02-module-placed-at-vogtle-unit-4-300552037.html

SOURCE Georgia Power

Related Links

http://www.georgiapower.com

Read more: 52-ton CA02 module placed at Vogtle Unit 4

MILL VALLEY, Calif.--(BUSINESS WIRE)--SunLink Corporation, the leading full-scope solar energy solutions provider, announced today it ranked as the fastest growing energy technology company on the Deloitte Technology Fast 500TM, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. SunLink grew 226 percent during this period.

“It’s gratifying to see the market responding to the vision we set three years ago to transform and move the renewables and energy tech sector forward,” said Michael Maulick, SunLink president and chief executive officer. “Our evolution from a respected engineering powerhouse to a full-scope solar energy solutions company now utilizes the latest in IoT, big data and hybrid cloud technology to enhance the value of our clients’ projects. We’re proud to join the other innovators on this distinguished list who are thinking bigger and bolder to make a profound impact on their respective industries.”

“The Deloitte 2017 North America Technology Fast 500 winners underscore the impact of technological innovation and world class customer service in driving growth, in a fiercely competitive environment,” said Sandra Shirai, vice chairman, Deloitte Consulting LLP and U.S. technology, media and telecommunications leader. “These companies are on the cutting edge and are transforming the way we do business. We extend our sincere congratulations to all the winners for achieving remarkable growth while delivering new services and experiences for their customers.”

“Emerging growth companies are powering innovation in the broader economy. The growth rates delivered by companies on this year’s North America Technology Fast 500 ranking are a bright spot for the capital markets and a strong indicator that the emerging growth technology sector will continue to deliver a strong return on investment,” said Heather Gates, national managing director of Deloitte & Touche LLP’s emerging growth company practice. “Deloitte is dedicated to supporting the best and brightest companies of the future in the emerging growth company sector. We are proud to acknowledge the significant accomplishments of this year’s Fast 500 winners.”

SunLink previously ranked fifth as the Technology Fast 500TM Energy Tech award winner for 2016.

Overall, 2017 Technology Fast 500 companies achieved revenue growth ranging from 135 percent to 59,093 percent from 2013 to 2016, with a median growth of 380 percent.

About Deloitte’s Technology Fast 500TM

Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies - both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2013 to 2016.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered in North America.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

About SunLink

SunLink Corporation brings powerful solar energy solutions to market through innovative, highly engineered products, in-demand customer services and best-of-breed software that make solar PV electricity easier, safer, more reliable and less expensive to install. In addition to bringing to market well-designed products that are agile in their implementation, the company leverages unparalleled R&D, a legacy of more than a GW of successful projects, state-of-the-art engineering and creative problem solving to develop optimized, full-scope product+service+software solutions for roof, fixed-tilt and tracker solar projects of every size and complexity. It is this unique combination of trusted insights, products, services and EnTech convergence that helps solar developers and installers overcome obstacles and furthers the industry’s shared mission of advancing universal solar power adoption. For more information, visit sunlink.com or follow twitter.com/sunlink.

Read more: SunLink Ranked Fastest Growing Energy Tech...

BURLINGAME, Calif., Nov. 8, 2017 /PRNewswire/ -- Today Proterra, the leading innovator in heavy-duty electric transportation, announced that SporTran has deployed Louisiana's first fleet of zero-emission, battery-electric buses in Shreveport. The five Proterra 40' Catalyst E2 buses will go into service this month, and serve Louisiana's third-largest city. This milestone marks the combined commitment and foresight of SporTran and Shreveport in being the first city in the state to purchase battery-electric buses, paving the way for other public transit agencies to follow suit and recognize the economic, environmental and operations benefits. To mark this achievement, SporTran, Proterra and senior government officials came together today with Louisiana Governor John Bel Edwards to commemorate the deployment of the new electric buses and the debut of new transit stations and infrastructure.

"In the wake of a devastating hurricane season for surrounding communities, we're reminded by our long-term mission to sustainably serve Shreveport and our neighbors," said Dinero Washington, CEO at SporTran. "This means providing reliable and safe transit for all. It also means providing innovative and cost-saving solutions that ensure clean, reliable transit today and for years to come. We're proud to partner with Proterra and introduce these new zero-emission buses into our fleet."

In 2016, SporTran won the Federal Transit Administration's (FTA) Low or No-Emission Vehicle Deployment Grant, which funded the five electric buses, three depot chargers and an on-route fast charger. By replacing its diesel buses, SporTran estimates that the new Proterra Catalyst buses will save more than $2.2 million on maintenance and fuel, over the lifetime of the five vehicles. As a result, SporTran will re-invest the savings into Shreveport's transportation system with the goal of improving bus routes, technology and rider experience.

Designed for efficiency and manufactured for durability, Proterra's 40' Catalyst E2 series gets 22 MPGe, while conventional diesel buses average 3.86 MPG. And unlike the industry's widely-used steel bus frames, Proterra's lightweight carbon-fiber reinforced composite bus body maximizes vehicle life, while minimizing repairs and maintenance. These buses will utilize Combined Charged Standard (CCS) plug-in DC fast chargers, enabling multiple types and brands of EV cars, trucks and busses to potentially share the same charging equipment and lower infrastructure costs for all electric vehicles. Over the 12-year lifetime of the five Proterra zero-emission buses, SporTran will avoid more than 18 million pounds of greenhouse gas emissions. 

"We are proud to partner with SporTran, an innovative transit agency that continues to raise the transit bar for its passengers and community alike. We look forward to helping SporTran speed into a cleaner, healthier future for all, by providing a model for zero-emission transit," said Ryan Popple, CEO, Proterra.

About SporTran
SporTran is a paratransit and fixed route transit services provider, with service to Shreveport and Bossier City. SporTran sports a fleet of over 50 modern buses equipped to handle all passengers, including those with disabilities. Buses are equipped with the latest emission reduction systems. You can find more information about SporTran online at http://www.sportran.org/.

About Proterra
Proterra is a leader in the design and manufacture of zero-emission heavy-duty vehicles, enabling bus fleet operators to significantly reduce operating costs while delivering clean, quiet transportation to local communities across the United States. With more than 400 vehicles sold to 42 different municipal, university, airport and commercial transit agencies in 20 states, Proterra is committed to providing state of the art, high performance vehicles to meet today's growing market demand. The company's configurable Catalyst platform is capable of serving the full daily mileage needs of nearly every U.S. transit route on a single charge. With unmatched durability and energy efficiency based on rigorous U.S. certification testing, Proterra products are proudly designed, engineered and manufactured in America, with offices in Silicon Valley, South Carolina, and Los Angeles. For more information, visit: http://www.proterra.com and follow us on Twitter @Proterra_Inc.

View original content with multimedia:http://www.prnewswire.com/news-releases/sportran-and-proterra-deploy-louisianas-first-battery-electric-buses-in-shreveport-300551884.html

SOURCE Proterra

Related Links

http://www.proterra.com

Read more: SporTran And Proterra Deploy Louisiana's First...

  • ENGIE reached an agreement with Total for the sale of its upstream and midstream Liquefied Natural Gas (LNG) activities

  • ENGIE is accelerating its development in downstream gas activities and becomes Total’s preferred green gases supplier

ENGIE continues to deliver on its transformation plan by reaching a new major milestone: the Group has received a firm and binding offer from Total for the sale of its upstream and midstream LNG activities, liquefaction, shipping and international LNG trading, for an aggregate value of 2.04 billion US dollars, including an earn-out of up to 550 million US dollars, payable under certain conditions.

ENGIE will keep its downstream activities, of which the regasification infrastructures, and LNG retail end-customer sales, and further accelerates its development in this area. ENGIE is therefore pursuing its refocus on three key businesses: low carbon power generation, infrastructures – notably gas, and integrated downstream customer solutions.

ENGIE is also convinced that green gases, biogas and renewable hydrogen, are key to the energy transition. Hence it is establishing a new entity dedicated to the development of renewable hydrogen and just signed an agreement whereby ENGIE becomes Total’s preferred biogas and renewable hydrogen supplier.

Total’s firm and binding offer is for the acquisition of ENGIE’s upstream and midstream LNG activities: liquefaction, shipping (including the Gazocean subsidiary) and international LNG trading operations. The European regasification booked capacities are also included in the perimeter. The intended transaction is in line with ENGIE’s strategy to reduce its exposure to commodity prices. It also completes the Group’s action plan to move away from upstream oil and gas activities following the announcement of the sale of ENGIE Exploration & Production International in May of this year.

ENGIE will remain committed to its downstream activities which are core to its strategy, notably its retail sales, its GTT subsidiary and the Group’s regasification terminals in France, the United States and Chile.

The aggregate value of 2.04 billion US dollars includes an earn-out of up to 550 million US dollars based on future oil market developments. The proposed transaction is expected to translate into a 1.4 billion US dollars reduction in ENGIE’s consolidated net financial debt, excluding earn-out. This transaction will enhance ENGIE’s profit profile for the upcoming years.

« This intended transaction demonstrates once again ENGIE’s ability to deliver on its transformation plan and to improve its risk profile by reducing its exposure to commodity prices. Total is the best placed to secure the future development of liquefaction, shipping and LNG trading employees and activities. ENGIE is nonetheless accelerating its development in its LNG downstream activities, notably in the regasification domain and the supply of LNG to its end customers. Furthermore, ENGIE is convinced that green gases are a key element to the energy revolution and further materialises its lead in this area by becoming Total’s preferred supplier”, said Isabelle Kocher, ENGIE Chief Executive Officer.

Total’s ambition is to consolidate ENGIE’s upstream and midstream LNG activities with its own LNG business in order to become a global leader on the whole LNG chain.

The envisaged transaction will be presented to the relevant employee representative bodies of ENGIE and is subject to customary closing conditions. ENGIE will conduct a continuous dialogue with employee representative bodies and has already asked Total to make commitments regarding the employees concerned by the proposed transaction. As part of the intended transaction, ENGIE will also meet its commitments to its counterparties.

The intended transaction could be completed in the course of 2018.

In parallel, ENGIE is accelerating its development in downstream gas activities and announces the creation of a new entity responsible for the development of renewable hydrogen which is set to become increasingly important for the energy revolution. This entity, with a global reach, will coordinate the Group’s efforts in the hydrogen space, will develop major hydrogen production, transport and sales projects, and will therefore foster the development of this emerging source of energy.

In this context, ENGIE has also reached an agreement with Total in the green gases space. This agreement foresees, for an initial 10-year period partnership, that ENGIE will become Total’s preferred supplier for all new projects of renewable hydrogen and biogas supply. This agreement will also facilitate the promotion of green gases as an affordable, clean and competitive source of energy for mobility use.

About ENGIE

ENGIE is committed to taking on the major challenges of the energy revolution, towards a world more decarbonised, decentralised and digitalised. The Group aims to become the leader of this new energy world by focusing on three key activities for the future: low carbon generation in particular from natural gas and renewable energy, energy infrastructure and efficient solutions adapted to all its customers (individuals, businesses, territories, etc.). Innovation, digital solutions and customer satisfaction are the guiding principles of ENGIE’s development. ENGIE is active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).

Read more: Another major step taken in ENGIE’s...

SMA Solar Technology AG: Strong Growth in Asia Results in Considerable Leap in Earnings in Third Quarter of 2017

2017-11-09

Overview January to September 2017:

  • 5.9 GW inverter output sold (Q1–Q3 2016: 5.7 GW)
  • Sales of €592.5 million (Q1–Q3 2016: €708.8 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of €55.3 million (Q1–Q3 2016: €107.9 million)
  • High operating cash flow of €78.7 million (Q1–Q3 2016: €123.6 million)
  • Financial stability thanks to equity ratio of 49.3% (December 31, 2016: 48.3%) and high net cash of €435.8 million (December 31, 2016: €362.0 million)
  • As of October 31, 2017, order backlog increases to €761 million, of which €350 million is attributable to the product business
  • Managing Board specifies guidance for fiscal year 2017


From January to September 2017, SMA Solar Technology AG (SMA/FWB: S92) sold PV inverters with a total output of 5.9 GW, thereby surpassing the previous year (Q1–Q3 2016: 5.7 GW). Sales decreased to €592.5 million (Q1–Q3 2016: €708.8 million). The main cause of this was the weak business with central inverters for large-scale PV power plants in North America. The Asian markets recorded extremely positive development with an increase in sales of 43%, and SMA also saw rising sales in the EMEA region. There was significant growth momentum emanating in particular from the storage and service business during the reporting period.

SMA considerably boosted profitability in the third quarter of 2017. The gross margin increased to 25%. Earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to €26 million. All segments generated positive operating earnings in the third quarter. From January to September 2017, SMA generated EBITDA of €55.3 million (EBITDA margin: 9.3%; Q1–Q3 2016: €107.9 million, 15.2%). Earnings before interest and taxes (EBIT) was €15.6 million (Q1–Q3 2016: €59.4 million) and therefore already at the lower end of the guidance for the year as a whole. Net income was €25.0 million in the reporting period (Q1–Q3 2016: €36.9 million). Earnings per share thus amounted to €0.72 (Q1–Q3 2016: €1.06).

SMA’s business model is not capital intensive. As a result, SMA generated high operating cash flow of €78.7 million in the reporting period (Q1–Q3 2016: €123.6 million) and further increased its high liquidity reserve. Net cash rose to €435.8 million (December 31, 2016: €362.0 million). The equity ratio slightly increased to 49.3% (December 31, 2016: 48.3%). As a result, SMA still has a highly solid balance-sheet structure.

“To date, the fiscal year has gone better for SMA than we had expected at the start of the year,” said SMA CEO Pierre-Pascal Urbon. “We have once more shown that we are good at adapting to the quickly changing market conditions. Thanks to our international presence and our new products, we have increased the product-related order backlog by 25% to €350 million since the end of the first half of 2017. We expect strong end-of-year business and are confident about achieving our objective for the year. However, due to a supply shortage of critical components we will probably come in at the lower end of the sales guidance. With Strategy 2020, we are going one step further. As an energy service provider, we want to benefit from the digitization of the energy industry in the future. Therefore, SMA will invest in platforms to connect energy producers with energy consumers and create network effects. The PV inverter remains our core area of expertise because it is the ideal sensor for valuable energy data.”

The SMA Managing Board specifies its guidance for the 2017 fiscal year. The guidance now forecasts sales of more than €900 million and unchanged EBITDA of between €85 million and €100 million. Net cash is expected to rise to more than €450 million thanks to high operating cash flow.

You can find the quarterly statement for January to September 2017 at www.SMA.de/IR/FinancialReports.


About SMA
The SMA Group with sales of around €1 billion in 2016 is the global market leader for solar inverters, a key component of all PV plants. SMA offers a wide range of products and solutions that allow for high energy yields for residential and commercial PV systems and large-scale PV power plants. To increase PV self-consumption efficiently, SMA system technology can easily be combined with different battery technologies. Intelligent energy management solutions, comprehensive services and operational management of PV power plants round off SMA’s range. The company is headquartered in Niestetal, near Kassel, Germany, is represented in 20 countries and has more than 3,000 employees worldwide, including 500 working in Development. SMA’s multi-award-winning technology is protected by more than 900 patents and utility models. Since 2008, the Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and is currently the only company in the solar industry that is listed in the TecDAX index.


SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany

Head of Corporate Communications:
Anja Jasper
Tel. +49 561 9522-2805
This email address is being protected from spambots. You need JavaScript enabled to view it.

Press Contact:
Susanne Henkel
Manager Corporate Press
Tel. +49 561 9522-1124
Fax +49 561 9522-421400
This email address is being protected from spambots. You need JavaScript enabled to view it.


Disclaimer:
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the “Company”) or any present or future subsidiary of the Company (together with the Company, the “SMA Group”) nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.

Read more: SMA Solar Technology AG: Strong Growth in Asia...

ATLANTA, Nov. 8, 2017 /PRNewswire/ -- Georgia Power announced today the latest milestone at the Vogtle nuclear expansion project – the recent placement of the CA02 module for Unit 4. Weighing 52 tons, the CA02 is a critical component and part of the In-Containment Refueling Water Storage Tank (IRWST). The IRWST is a 75,300 cubic foot tank that, once the units are operational, is filled with borated water and is a key safety feature within containment providing automatic, gravity-fed backup cooling for the reactor vessel.

Georgia Power has also released the latest Vogtle Timeline video highlighting safety, productivity and efficiency at the Vogtle site in the third quarter of 2017. More than 6,000 workers are onsite today working on the nation's only new nuclear units and focused on increased productivity and safe, high-quality construction.

Now available on Georgia Power's YouTube Channel, the new Vogtle Timeline video includes:  

  • Comments from Mark Rauckhorst, executive vice president for the Vogtle 3 and 4 project. Rauckhorst discusses progress and productivity at the site, the unified recommendation to move forward with the project and the renewed confidence of thousands of workers with more than 40 million safe work hours achieved without a lost-time accident.   
  • Construction progress through the third quarter of 2017, highlighting recent milestones such as placement of the first steam generator, installation of two accumulator tanks for Unit 3 and a concrete placement lasting more than 75 hours in Unit 3 containment resulting in continuous pouring of nearly 2,000 cubic yards of concrete, followed by placement of 430 cubic yards of concrete in Unit 4 containment.
  • Plant Vogtle's continued support of local education through programs such as Neighborhood Renewal. Four local students recently received college scholarships to pursue careers in the STEM (science, technology, engineering and math) fields.

Follow the progress being made at the project with new photos added from the Vogtle nuclear expansion site each month in the Plant Vogtle 3 & 4 Online Photo Gallery.

Vogtle Project Review Underway 
Georgia Power owns 45.7 percent of the new units, with the project's other Georgia-based co-owners including Oglethorpe Power, MEAG Power and Dalton Utilities. On August 31, Georgia Power filed a recommendation with the Georgia Public Service Commission (PSC) to continue construction of the Vogtle nuclear expansion supported by all of the project's other co-owners. The recommendation was based on the results of a comprehensive schedule, cost-to-complete and cancellation assessment launched following the bankruptcy of Westinghouse in March. The Georgia PSC is reviewing the recommendation and is expected to make a decision regarding the future of the Vogtle 3 and 4 project as part of the 17th Vogtle Construction Monitoring (VCM) proceeding. Read the 17th VCM Report here and comments from Georgia Power Chairman, President & CEO Paul Bowers to the Georgia PSC here.

From the beginning of the Vogtle expansion, Georgia Power has worked to minimize the impact of the new units on customer bills. This effort continues during the Georgia PSC's review of the recommendation with the company recently announcing a conditional commitment of approximately $1.67 billion in additional loan guarantees for the project from the U.S. Department of Energy (DOE), as well as receipt of the first of multiple scheduled parent guarantee payments from Toshiba. Today, the total expected rate impact of the project remains less than the original estimate, after including anticipated customer benefits from federal production tax credits, interest savings from loan guarantees from the DOE and the fuel savings of nuclear energy.

Final approval and issuance of these additional loan guarantees by the DOE cannot be assured and are subject to the negotiation of definitive agreements, completion of due diligence by the DOE, receipt of any necessary regulatory approvals, and satisfaction of other conditions.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this communication is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning expected rate impacts and other future actions related to Plant Vogtle Units 3 and 4. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of any inability or other failure of Toshiba to perform its obligations under its guarantee; the impact of any failure to extend the in-service deadline for federal production tax credits; the impact of any failure to amend the DOE loan guarantee to allow for additional borrowings; state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries; available sources and costs of fuels; effects of inflation; the ability to control costs and avoid cost overruns during the development construction and operation of facilities, which include the development and construction of generating facilities with designs that have not been finalized or previously constructed; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology; legal proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, including Georgia Public Service Commission approvals and Nuclear Regulatory Commission actions; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in The Southern Company's or Georgia Power's credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of DOE loan guarantees; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.

View original content with multimedia:http://www.prnewswire.com/news-releases/52-ton-ca02-module-placed-at-vogtle-unit-4-300552037.html

SOURCE Georgia Power

Related Links

http://www.georgiapower.com

Read more: 52-ton CA02 module placed at Vogtle Unit 4

ALAMOGORDO, N.M.--(BUSINESS WIRE)--The United States Air Force and El Paso Electric (EPE) (NYSE:EE) today announce the beginning of construction for a new five megawatt solar facility to serve Holloman Air Force Base (HAFB). The solar plant will be an EPE owned dedicated energy resource for HAFB and is the first renewable energy project that EPE will build to serve a military installation.

"Providing our warfighter with diverse, resilient energy sources is a key component of mission assurance. The Air Force is committed to providing installations the support they need to determine where initiatives and technologies such as on-base solar can complement and enhance installation energy assurance plans," said Dan Soto, Renewable Energy Division Chief at the Air Force Civil Engineer Center (AFCEC).

"Any time an installation has the opportunity to partner with its utility providers to improve energy resiliency and reduce their carbon footprint through renewable energy production, while at the same time saving tax payers' money, it is a good day," said Lt. Col. Joel Purcell, 49th Wing Civil Engineer Squadron commander.

With the addition of this solar facility, EPE will increase its utility-scale renewable energy solar resources to a total of 115 MWs.

"We are proud to be working with the Air Force by providing large scale solar to help ensure energy security now and in the future," said Mary Kipp, El Paso Electric President and CEO. "As a recognized leader in the implementation and expansion of utility-scale solar energy, we hope this collaboration with the Air Force, the New Mexico Public Regulation Commission and everyone involved will lead to additional projects with organizations who share our goal of fostering affordable, sustainable energy in our region."

M+W Energy, who recently constructed EPE’s community solar facility in east El Paso, Texas, will also be constructing the HAFB solar facility which is expected to be operational in the third quarter of 2018.

"We are pleased to once again work with EPE to help bring more clean energy to the region while employing more than 90 local workers to build this solar facility over the course of construction," said Jim Brown, President of M+W Energy, Inc.

The solar facility will be located on a 42-acre site within HAFB in New Mexico. The new facility will utilize almost 56,000 thin-film modules and will generate enough clean energy to power more than 1,700 homes annually.

This project will reduce annual CO2 emissions by over 9000 US tons, the equivalent of taking 2,000 cars off the road, and will also save approximately 9 million gallons of water annually.

About Holloman Air Force Base

The 49th Wing - host wing at Holloman Air Force Base, New Mexico - supports national security objectives by deploying worldwide to support peacetime and wartime contingencies. The wing provides combat-ready Airmen, and trains General Atomics MQ-9 Reaper pilots, sensor operators and F-16 Fighting Falcon pilots. Additionally, the wing delivers Air Transportable Clinics and Basic Expeditionary Airfield Resources while providing support to more than 10,000 military and civilian personnel.

About El Paso Electric

El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 417,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico. El Paso Electric's common stock trades on the New York Stock Exchange under the symbol EE.

About M+W Group

M+W Group GmbH, based in Stuttgart/Germany, is a leading global high-tech engineering company. Established in 1912, the company operates in more than 30 countries. The M+W Group manages projects of all dimensions on behalf of clients from various sectors, including electronics, chemicals and pharmaceuticals, energy and information technology — from semiconductor plants to nanotechnology research centers. The company offers a full range of services from concept and design to turnkey solutions. For more information, please visit: www.mwgroup.net.

Read more: Construction Begins on New Utility-Scale Solar...

NEW YORK, Nov. 8, 2017 /PRNewswire/ -- Onyx Renewable Partners L.P., ("Onyx"), announces the commencement of development activities for the solar installations to be located at Stuyvesant Town and Peter Cooper Village in Manhattan. The projects were the subject of an article in the Wall Street Journal on November 7, 2017 which can be referenced online here: https://www.wsj.com/articles/stuytown-owners-make-solar-panel-investment-1510098039.

About Onyx Renewable Partners L.P. 
Onyx is a renewable energy development company established by funds managed by Blackstone Energy Partners that is focused on greenfield development in the North American solar and wind sectors. The Onyx team brings over 250 years of collective industry experience and perspective, having developed more than 1 GW of renewable projects. As a full service firm with capabilities including development and construction through financing and operations, Onyx is able to provide creative solutions to large energy users and land owners in North America. Onyx prides itself on its ability to bring together exceptional talent with deep industry knowledge to solve challenging issues for customers looking to maximize renewable power generation. Onyx is headquartered in New York City.  For more information, visit our website at www.onyxrenewables.com. 

View original content:http://www.prnewswire.com/news-releases/onyx-commences-development-of-stuytown-solar-project-in-new-york-city-300551958.html

SOURCE Onyx Renewable Partners L.P.

Read more: Onyx Commences Development of Stuytown Solar...

  • Solid results at end September, reflecting the good performance of the growth engines which delivered an EBITDA growth of 4.6% 1, in a context however marked by adverse climate effects (notably on hydraulic production).
  • Confirmation of the 2017 financial targets2 on net recurring income group share (expected at mid-range), on net debt/EBITDA ratio and on dividend.
  • New significant progress in the execution of the transformation plan 2016-18. On the portfolio rotation program, 83% of the target has been reached to date, following the agreement signed with Total for the sale project of the midstream and upstream LNG activities and following the sale of the thermal power generation assets in the United Kingdom. On the growth investments program, 96% of the investments program has been secured to date, due notably to two significant hydropower concession contracts won in Brazil and to the finalization of the Tabreed district cooling networks acquisition in the Middle-East. Furthermore, 90% of the “Lean 2018” performance program has been identified to date.
  • Further reduction in net debt compared to end December 2016, on the back namely of the portfolio rotation program.
Further reduction in net debt

Revenues as of September 30, 2017 are EUR 46.8 billion euros, up +1.3% on a gross basis and +2.9% on an organic basis compared to end of September 2016. This organic increase is in particular attributable to the impacts of new assets commissioned, of price rises in Latin America and of the 2016 price revisions in the infrastructures business in France. Considering adverse weather effects, these positive developments are partially offset by reduced B2B sales of natural gas in France and by a decrease in renewable energy generation in France, mainly coming from hydro.

EBITDA amounted to EUR 6.6 billion, down -3.6% on a gross basis, mainly because of the scope effects linked to disposals, and up +3.8% on an organic basis compared to end of September 2016. This increase confirms the very good performance of the growth engines, i.e. renewable and thermal contracted, infrastructures and customer solutions activities, which show a gross growth of +4.6% over the period, partly offset by adverse volume impacts (hydraulic and nuclear power production).

EBITDA for the first nine months was driven by the positive impacts of the sustained performance of the Group’s growth engines, driven by the results of the “Lean 2018” performance program and by assets commissioning in Latin America. These positive elements are partially offset by the climate effects lowering the renewable energy generation in France. Besides, the merchant activities benefit from a very good performance of thermal power generation in Europe and in Australia, partially compensated by the price effects on outright power production and by the shutdown of the Tihange 1 nuclear power plant in Belgium (from September 2016 to May 2017 and since September 12, 2017).

The difference between reported and organic evolution is due to negative scope effects, mainly linked to the disposals of merchant power generation assets in the United States in June 2016 and in February 2017 and of the Paiton power plant in Indonesia end of 2016, coupled with the recognition in EBITDA of the nuclear contribution in Belgium, partially offset by a favorable foreign exchange effect mainly attributable to the Brazilian real. The temperature effect in France is slightly positive over the period but unfavorable compared to end of September 2016.

Organic EBITDA performance as of September 30, 2017 is very contrasted between the reportable segments :

  • For North America segment, the decline is driven by the end of contracts in the power production activities and lower performance in the retail business, offset to some extent by the good performance of services business combined with cost savings.
  • For Latin America segment, the increase is due to the commissioning of assets in Mexico and Peru, to tariff reviews in Mexico and Argentina and to higher prices in Brazil.
  • For Africa / Asia segment, the growth reflects the outstanding performance of the generation and retail businesses in Australia due to electricity price increase, the improved gas distribution margins in Thailand as well as the commissioning of AzZour North in Kuwait and the successful closing of Fadhili power plant contract in Saudi Arabia. These factors are partially offset by lower availability of assets in Thailand and Turkey.
  • For Benelux segment, the significant decrease is mainly due to the drop in electricity sale prices compared to 2016 and to the lower availability of nuclear assets because of the unplanned shutdown of Tihange 1 from early September 2016 to the end of May 2017 and since September 12, 2017. These impacts are partially offset by a good performance in gas and electricity sales and services activities, coupled with cost savings of the “Lean 2018” program.
  • For France segment, the decline is due to a lower wind and hydro renewable energy generation and to lower volumes and margins in the retail gas business. These impacts are partially offset by the good performances in the retail electricity market and in the networks activities.
  • For Europe excluding France and Benelux segment, the increase is linked to a positive price effect on sales activities (power and gas), to an increase in prices and volumes for renewable power production in the United Kingdom (First Hydro power plant), to favorable weather conditions for gas distribution activities in Romania and to cost savings of the “Lean 2018” performance plan.
  • For Infrastructures Europe segment, the slight decrease is related to the lower gas storage capacity sales in France, to the annual revision of gas transport tariffs (+4.6% at April 1, 2016 and -3.1% at April 1, 2017) and to an adverse temperature effect, partially offset by a still positive impact of the annual revision of gas distribution tariffs since 2016 (+2.8% at July 1, 2016 and -2.05% at July 1, 2017).
  • For Global Energy Management and Global LNG segment, the decline is mainly due to negative price effects, to lower margins in midstream activities and to difficult gas supply conditions in the south of France during the cold snap in January 2017. This was partially offset by the positive impact of a price revision to a long-term LNG supply contract concluded in Q2 2017 and by cost savings of the “Lean 2018” performance plan.
  • For the Other segment, the sharp increase is driven mainly by a good performance from gas fired thermal power generation in Europe and also by savings linked to the restructuring at corporate level within the framework of “Lean 2018”.

Current Operating Income amounts to EUR 3.6 billion, down -10.5% on a gross basis and up +1.8% on an organic basis compared to end of September 2016, driven by the growth engines up +4.0% over the period. The organic growth recorded at EBITDA level is partly offset by higher depreciation and amortization charges than those of the previous year following the three-yearly review of dismantling obligations related to Belgian nuclear power plants at the end of 2016.

As of September 30, 2017, net debt reaches EUR 23.3 billion, down EUR -1.5 billion from year-end 2016, mainly thanks to the effects of the portfolio rotation program and to a favorable forex impact.

Cash Flow From Operations (CFFO) amounts to EUR 4.9 billion for the first nine months, down EUR 1.9 billion versus September 30, 2016. This evolution reflects mainly an adverse evolution in working capital variation of EUR -1.2 billion (mainly due to a favorable price effect in 2016 in gas inventories), restructuring costs and scope effects (notably the disposal of power generation assets in the United States). However, the intrinsic operational cash flow generation remains robust.

At the end of September 2017, the net debt (excluding E&P internal debt) to EBITDA ratio comes out at 2.35x, in line with the target of a ratio less than or equal to 2.5x. The average cost of gross debt declines compared to end 2016 at 2.6%.

The Group confirms its 2017 financial targets2, without any change in the E&P accounting treatment7:

  • a net recurring income group share in the mid-range of the EUR 2.4 to 2.6 billion target, based on an indicative EBITDA range of EUR 9.3 to 9.9 billion;
  • a net debt/EBITDA ratio less than or equal to 2.5x and a “A” category rating;
  • a dividend of EUR 0.70 per share with respect to 2017, paid in cash8 .

Develop low CO2 power generation activities

From January 1 to September 30, 2017:

  • Construction in Indonesia of the first ENGIE geothermal power generation plant in the world;
  • Fadhili independent power project awarded in Saudi Arabia;
  • Announcement of the closing of asset disposals in the United States and in Asia;
  • Nearly 78 MW of photovoltaic projects won in France, strengthening ENGIE´s leading position in photovoltaic solar in the country;
  • Acquisition of 100% of La Compagnie du Vent;
  • In China, 30% equity investment through capital increase in UNISUN, a solar photovoltaic (PV) company;
  • ENGIE and EDPR bidding in the third offshore wind call for tenders in Dunkirk;
  • Transfer to Toshiba of ENGIE’s 40% stake in NuGen project in the UK;
  • Mexican Ministry of Energy awards three geothermal exploration permits: a key step forward for ENGIE and Reykjavik Geothermal;
  • As part of the second solar bidding session organized by the French Energy Regulatory Commission, ENGIE, through its subsidiaries ENGIE Green, La Compagnie du Vent, CNR and Solairedirect, has been awarded 10 photovoltaic projects in France, representing nearly 100 MW of installed capacity;
  • ENGIE will build and operate the Sainshand wind farm (55 MW) in Mongolia, its first renewable project in the country, located in the Gobi desert;
  • EDP Renováveis and ENGIE consortium is awarded long-term CfD for 950 MW offshore wind project in UK (Moray project);
  • The Abraaj Group, a leading investor operating in growth markets, and ENGIE announced a partnership to build a wind platform in India (the “Platform”);
  • Solairedirect, an ENGIE subsidiary, inaugurates the Group’s largest solar farm in France (82 MW), in Gréoux-les-Bains in the Alpes-de-Haute-Provence department;
  • • During an auction by the Brazilian Federal Government, ENGIE won concession contracts for a 30 year-period for two hydropower plants (832 MW installed capacity) for an amount of around EUR 950 million.

Since October 1, 2017:

  • ENGIE has signed a contract to build, own and operate (BOO) a 250 MW wind farm in Egypt;
  • ENGIE announced the signing of an agreement with Energy Capital Partners for the sale of its generation assets in the United Kingdom;
  • Mirfa Independent Water and Power Plant commences full operation in Abu Dhabi.

Develop global networks, mainly gas

From January 1 to September 30, 2017:

  • SUEZ, ENGIE and CHRYSO join forces for the 1st industrial processing of liquefied biomethane issued from used waters in France;
  • Signing of a financing agreement for Nord Stream 2;
  • Ship-to-ship LNG bunkering service started in the port of Zeebrugge;
  • ENGIE, Société d’Infrastructures Gazières (“SIG”, held by CNP Assurances and Caisse des Dépôts) and GRTgaz have signed the acquisition of Elengy (a wholly-owned subsidiary of ENGIE operating LNG terminals) at 100% by GRTgaz (the French natural gas transmission operator, owned 75% by ENGIE and 25% by SIG).

Since October 1, 2017:

  • Gas4Sea partners – ENGIE, Mitsubishi Corporation and NYK – have been selected by Norwegian multinational energy group Statoil to be their LNG marine fuel supplier in the port of Rotterdam, in the Netherlands, for four crude shuttle tankers;
  • ENGIE confirms it has launched a strategic review of its upstream and midstream LNG activities (liquefaction, transport and international trading of LNG). Its downstream LNG activities, such as regasification and LNG ex-terminal sales, are not part of the review.

Develop integrated solutions for its clients

  • Collaboration with Schneider Electric to digitize the energy sector;
  • Acquisition of Keepmoat Regeneration, which enables ENGIE to become the leading provider of regeneration services for local authorities in the United Kingdom;
  • ENGIE signed up to the capital increase of SUEZ in the context of its acquisition of GE Waters & Process Technologies, to the extent of its stake in SUEZ, namely around EUR 244 million;
  • Acceleration of the installation of Natural Gas Vehicles (NGV) stations, with the opening of more than 20 new stations in France over the coming twelve months;
  • Acquisition of EV-Box, the largest European electric vehicle charging player;
  • 100% of the projects presented in the context of the auction of the French energy regulation Commission on photovoltaic self-consumption have been won by ENGIE;
  • ENGIE has been chosen by the shipyard MV Werften for the construction of 2 XXL cruise ships;
  • ENGIE and Axium secure 50-year comprehensive energy management contract with the Ohio State University in the United States;
  • ENGIE launched its home energy (B2C) business in the United Kingdom;
  • Acquisition of Icomera, specialist of onboard communications solutions for public transport;
  • ENGIE announced the acquisition of a 40% stake in Tabreed and becomes worldwide leader of independent district cooling;
  • ENGIE wins major contract with Transport for London;
  • Carrefour and ENGIE join forces to develop biomethane in France;
  • The French Conseil d’Etat has decided to annul the Decree of May 16, 2013 about regulated tariffs for the sale of natural gas, a transitional phase should be organized;
  • The first hydrogen bus line in France will be deployed by the consortium GNVERT (subsidiary of ENGIE) and VAN-HOOL;
  • ENGIE, via its subsidiary ENDEL ENGIE has announced its acquisition of CNN MCO, a French company specializing in the maintenance, management, and upkeep of all types of naval vessels. The acquisition is part of ENGIE’s transformation strategy, strengthening the Group’s portfolio of B2B services and solutions;
  • ENGIE, through its subsidiary ENGIE AXIMA, has opened exclusive negotiations to buy MCI, French specialist in industrial and commercial refrigeration.

Since October 1, 2017:

  • ENGIE, the leading green electricity supplier in France, plans to double the number of green electricity customers by the end of 2018, reaching 2 million customers;
  • ENGIE accelerates its development in the off-grid energy market by joining forces with Fenix, a pioneer in Africa’s Solar Home System market.
  • Other significant events

  • Early in September, ENGIE accompanied the sale of shares launched by the French State as part of its share buyback program authorized by the General Meeting of May 12, 2017 and therefore undertook to acquire, concurrently to the placement with institutional investors through an accelerated bookbuilding process, 11.1 million of its own shares (i.e. 0.46% of the capital of ENGIE).
  • Besides, to support its ambitious development strategy in renewable energies and energy efficiency, ENGIE issued on March 15 and on September 19 its second and third Green Bonds for respectively EUR 1.5 and EUR 1.25 billion. With this transaction, the total amount of bonds issued by ENGIE in Green Bond format since 2014 reaches EUR 5.25 billion, confirming the Group’s commitment to play a leading role in the energy transition whilst supporting the development of the green finance.
  • Moreover, ENGIE took note of the decision of October 6 of the Conseil Constitutionnel to cancel the 3% tax on dividend payments. The financial impact of this decision as well as the proposed exceptional corporate tax contribution provided for in the amended 2017 budget bill are currently being calculated and will be presented in the 2017 financial statements.
  • Lastly, on October 9, Fitch credit rating agency assigned ENGIE SA a strong investment grade issuer rating of ‘A’ with stable outlook. ENGIE SA holds also the highest rating among its utilities peers. According to Fitch, the assigned ratings reflect ENGIE’s scale and diversification and the increased regulated and contracted EBITDA, which have helped to limit the impact of commodity price weakness, the challenging growth in customer solutions, and its conservative financial policy.

CONTRIBUTIVE REVENUES BY REPORTABLE SEGMENT

CONTRIBUTIVE REVENUES BY REPORTABLE SEGMENT

Revenues are up +1.3% on a gross basis with EUR -649 million scope effects (EUR -1 042 million scope out mainly linked to the disposal of hydro and thermal power generation assets in the United States in June 2016 and in February 2017, to the sale of power production assets in Poland and EUR +393 million scope in mainly linked to the acquisition of Keepmoat Regeneration in the United Kingdom in April 2017) and EUR -44 million exchange rate effect, resulting from a negative impact on the British pound, partly offset by a positive impact on the Brazilian real. On an organic basis, revenues are up +2.9%.

Internationally, revenues of the North America segment showed a negative gross variation, due primarily to divestments in the merchant generation fleet. On an organic basis, revenues are slightly down driven by lower results from the Retail business and the impact of less favorable contracts renewals in the retained Generation business. This is partly mitigated by higher revenues in the Services businesses. Revenues of the Latin America segment are up on a gross basis, impacted notably by the appreciation of the Brazilian real, and on an organic basis, due to tariff reviews in Mexico and in Argentina and to commissioning (Panuco in October 2016 in Mexico, Nodo Energetico in October 2016 and Chilca+ in May 2016 in Peru) which have offset lower volumes in Chili and a weaker demand in Peru. In Brazil, revenues increased thanks to higher prices partly driven by the poor hydrology. Revenues for the Africa / Asia segment are up organically due to the very good performance of power production and sales in Australia linked to the increase of power prices and to the successful close of Fadhili power plant contract in Saudi Arabia, partly offset by a lower availability of assets in Thailand and Turkey.

In Europe, revenues for the Benelux segment decreased because of the lower commodities prices for power production and sales activities and of the diminution of the nuclear power production and of the power sales. Services activities, supported by a good level of activity in Belgium and in the Netherlands, registered higher revenues. In France, revenues went sharply down on a gross basis because of the internal reclassification of gas and power B2B commercialization activities (Entreprises et Collectivités “E&C”) into the segment Other. The organic decrease is due to a lower wind and hydro renewable power generation, partly offset by a revenues increase in the services activities. Europe excluding France & Benelux revenues are up, mainly due to positive price effects on sales activities (power and gas) and to higher power prices and production volumes (First Hydro) in the United Kingdom as well as to the positive effect of weather conditions for gas distribution activities in Romania.

Revenues for Infrastructures Europe increased, reflecting mainly the developments of distribution and transport activities for third parties, notably in Germany for transport.

Revenues for the segment Global Energy Management and Global GNL are up mainly driven by higher volumes for mid-stream commodities sales in Europe and in Asia for the GNL business.

Revenues for the segment Other increased sharply due to the internal reclassification of gas and power B2B commercialization activities (Entreprises et Collectivités “E&C”) since January 1st, 2017, partly offset by the sale of power production assets in Poland. The organic decrease is due to lower B2B gas sales in France because of customers losses, to the impact of the closure of the Rugeley plant in the United Kingdom, partly compensated by a better performance of the gas thermal fleet and by higher captured prices.

The September 30, 2017 financial information used during the investor conference call is available to download from the Group’s website :

http://www.engie.com/investisseurs/resultats-3/resultats-2017/

UPCOMING EVENTS

  • March 8, 2018 before market : FY 2017 results publication
  • May 18, 2018 : Shareholders meeting

COMPARABLE BASIS ORGANIC GROWTH ANALYSIS

 COMPARABLE BASIS ORGANIC GROWTH ANALYSIS

1Gross variation from growth engines, i.e. renewable and thermal contracted, infrastructure and customer solutions activities.
2Assuming average temperatures in France, full pass through of supply costs in French regulated gas tariffs, unchanged current Group accounting principles for supply and logistic gas contracts, no significant regulatory and macro-economic changes, commodity price assumptions based on market conditions as of December 31, 2016 for the non-hedged part of the production, and average foreign exchange rates as follows for 2017: €/$: 1.07; €/BRL: 3.54. These financial objectives include the impact of the Belgian nuclear contribution on EBITDA and do not consider significant impacts on disposals not yet accounted as at March 2, 2017 (date of annual results publication).
3 Belgian nuclear contribution now included in EBITDA.
4 Excluding forex and scope.
5 Including share in net income of associates. 6 Cash Flow From Operations (CFFO) = Free Cash Flow before maintenance Capex.
7 Without taking into consideration the IFRS 5 treatment of E&P.
8 The Board of Directors has decided the payment of an interim dividend of EUR 0.35 per share for 2017, which has been paid on October 13.

Important notice

The figures presented here are those customarily used and communicated to the markets by ENGIE. This message includes forward-looking information and statements. Such statements include financial projections and estimates, the assumptions on which they are based, as well as statements about projects, objectives and expectations regarding future operations, profits, or services, or future performance. Although ENGIE management believes that these forward-looking statements are reasonable, investors and ENGIE shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of ENGIE, and may cause results and developments to differ significantly from those expressed, implied or predicted in the forward-looking statements or information. Such risks include those explained or identified in the public documents filed by ENGIE with the French Financial Markets Authority (AMF), including those listed in the “Risk Factors” section of the ENGIE (ex GDF SUEZ) reference document filed with the AMF on March 23, 2017 (under number D.17-0220). Investors and ENGIE shareholders should note that if some or all of these risks are realized they may have a significant unfavorable impact on ENGIE.

About ENGIE

ENGIE is committed to taking on the major challenges of the energy revolution, towards a world more decarbonised, decentralised and digitalised. The Group aims to become the leader of this new energy world by focusing on three key activities for the future: low carbon generation in particular from natural gas and renewable energy, energy infrastructure and efficient solutions adapted to all its customers (individuals, businesses, territories, etc.). Innovation, digital solutions and customer satisfaction are the guiding principles of ENGIE’s development. ENGIE is active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).

Read more: Solid results as of September 30, 2017, in line...

GUELPH, Ontario and RIO DE JANEIRO, Brazil, Nov.8, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, today announced that the 191.5 MWp Pirapora I and 92.5 MWp Pirapora III solar energy projects in Brazil, totaling 284 MWp, were commissioned in November 2017. 

As part of the Pirapora projects (399 MWp), the Pirapora I and III solar projects, located in the State of Minas Gerais in Brazil, were each awarded a 20-year Power Purchase Agreement following respectively the second and the first Reserve Energy Auctions, in 2015 and 2014.

Powered by 600 thousands and  290 thousands of Canadian Solar's high-efficiency CS6U-P modules, the  Pirapora I plant and Pirapora III plant generates 392 GWh and 186 GWh of clean, reliable solar electricity per year respectively, contributing towards Brazil's goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.  

EDF Energies Nouvelles acquired 80% interest in each of the 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III projects from Canadian Solar. The Pirapora II project is currently under construction and is expected to reach commercial operation in mid-2018.

"We are pleased to announce the commissionings of the Pirapora I and III projects, which are the first solar projects we have connected to the grid in Brazil. We see strong potential in the solar energy market in Brazil and will continue to grow our project pipeline in the country to meet the local demand for clean and affordable solar energy. EDF EN is an important partner and we look forward to continuing our successful partnership with more opportunities in Brazil and other countries." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

Antoine Cahuzac, EDF Group's Senior Executive Vice President Renewable Energies, Chairman and CEO of EDF Energies Nouvelles, added, "These new commissionings constitute further evidence of our growth ambitions in Brazil, a key renewable energy market for the EDF Group. It represents a new step toward the EDF Group's goal of doubling its renewable capacity in France, and worldwide, by 2030 under its CAP 2030 company plan."

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

About EDF Energies Nouvelles

EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 10 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, China, India, or South Africa, and North Africa and Gulf Cooperation Council regions. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.

Visit us at www.edf-energies-nouvelles.com  
Follow us on LinkedIn: https://www.linkedin.com/company/edf-energies-nouvelles and Twitter @EDFEN_officiel

Press contacts 

Manon de Cassini-Hérail ▪ tel.: +33 (0)1 40 90 48 22 ▪ email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Clarisse Placidoux ▪ tel.: +33 (0)1 40 90 49 46 ▪ email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Canadian Solar Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2017. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

View original content:http://www.prnewswire.com/news-releases/edf-energies-nouvelles-and-canadian-solar-commission-two-of-the-pirapora-solar-energy-projects-in-brazil-300551909.html

SOURCE Canadian Solar Inc.

Related Links

http://www.canadiansolar.com
http://www.canadiansolar.com

Read more: EDF Energies Nouvelles and Canadian Solar...

More Articles ...

Subcategories

Advertisement

SolarQuarter Tweets

Follow Us For Latest Tweets

SolarQuarter Announcing Solar Power Developers Night, Register Now, 5 Dec, Mumbai - https://t.co/AaJCe5N9ww
Friday, 17 November 2017 11:18
SolarQuarter Announcing Solar Power Developers Night, Register Now, 5 Dec, Mumbai - https://t.co/TVti1tEv4k
Friday, 17 November 2017 11:07
SolarQuarter SolarQuarter Mobile APP Launched, Download Now - https://t.co/jdKNDj2lyG
Thursday, 16 November 2017 09:14

Advertisement

Translator

Advertisement