SunEdison unveiled the financial results of the second quarter of 2014, showing a 62% revenue increase compared to 2Q13. Its solar business hit a 168% net sales increase to US$ 431.6 million because the company sold 54MW of solar power projects in the quarter.
SunEdison’s solar segment result was mainly related to the 54MW of solar projects. The GAAP net sales were US$431.6 million, a 27% increase compared to 1Q14 and a 168% growth comparing to 2Q13’s US$270.4 million. However, the segment’s operating loss was US$109.7 million in the same quarter.
SunEdison says in its press release that there are still 475MW of solar projects under construction. Its solar project pipeline grew to 4.3GW and backlog increased to 1.1GW at the end of 2Q.
"The second quarter was a transformational period for SunEdison. Our teams superbly executed multiple complex financing initiatives while keeping our core business on track," said Ahmad Chatila, Chief Executive Officer. "Among the milestones achieved were the successful completion of the SunEdison Semiconductor IPO and the placement of convertible senior notes, both of which give us additional flexibility to accelerate growth. In addition, just after quarter-end we successfully completed the TerraForm Power IPO which we expect to be a key driver for lower cost of capital. With these accomplishments and our growing project pipeline, we believe we are increasingly well positioned to succeed in this rapidly growing and dynamic market."