Many investors were shocked when SolarCity Corp (NASDAQ:SCTY) released an announcement stating that the company will build one of the largest manufacturing plants for solar panels in New York. This announcement immediately followed the company’s purchase of high efficiency panel manufacturer Silevo. Analysts Jerimiah Booream-Phelps and Vishal Shah from Deutsche Bank attended a meeting with the investor relations team of SolarCity, and they provide some insight into the procedures that SolarCity will take to create the manufacturing plant.
SolarCity’s Incentives In New York
Deutsche Bank reaffirmed their Buy rating for SolarCity Corp, with a price target of $90. Analysts say that SolarCity has plans to finish the construction of the 1 gigawatt manufacturing facility in New York and make the plant operational by the end of 2016. Currently, the company is engaging in discussions with state officials from New York to negotiate the various types of incentives that it could receive for the expansion of its capacity. The solar energy company, based in San Mateo, estimates that a 1gigawatt facility would require $400 to $450 million in equipment capital. The cost for land and building space will be a bit less than that.
SolarCity expects to invest in more than a few hundred millions of dollar on net capital expansion after the incentives are awarded. In order to proceed with this plan, investors and experts in the industry thinks that the company will need to provide a secondary offering by the end of this year in order to raise enough capital. Additionally, experts predict that SolarCity’s short term client bookings will continue to grow and remain strong throughout the rest of this year, and accelerate its growth rate in 2015.
SolarCity Is Not Concerned About Expanding Into Other States
In its quarterly report for the second quarter, the solar panel installation company reported a sequential growth of 60 percent in bookings. For the third quarter, the growth rate for bookings will likely be a bit slower than that. However, there is a broad based growth from multiple new markets. With the exception of California and Hawaii, states in the United States are making up a larger percentage of the solar energy company’s total installation number. But the company does not have plans to widen its business to any additional states. So far, SolarCity operates in 15 of the 50 states in the US.
SolarCity’s quarterly report for the second quarter were released August 7th. The company posted a loss that came out to $0.96 per share and revenues of $61.33 million. On average, analysts had expected losses of $0.99 per share and revenues of $63.24 million. Elon Musk’s company also reported booking numbers of 218 megawatts during the second quarter. Currently, SolarCity holds about 29 percent of the residential solar market in the United States.
As of market close on Friday, SolarCity shares rose in price by 0.63% to $70.34.
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