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RobStark
Well-Known Member
SolarCity breaks ground on huge solar factory in New York, strikes deal with state
SolarCity broke ground on its massive solar panel manufacturing facility in Buffalo, New York on Tuesday, according to a release from New York Governor Andrew Cuomo. The facility, when, and if, fully completed in early 2016 is supposed to make a gigawatt worth of solar panels a year, in the one million square foot facility on 88 acres of land in the development park called RiverBend in South Buffalo.
SolarCity — led by Chairman Elon Musk and his cousins CEO Lyndon Rive and CTO Peter Rive — is following a similar strategy to the one that Musk is using for his electric car company Tesla, with Tesla’s plans to build a massive battery factory outside of Reno, Nevada. The similar strategies are causing some to refer to the new SolarCity factory as Elon Musk’s other “Gigafactory.”
SolarCity breaks ground on huge solar factory in New York, strikes deal with state Tech News and Analysis
The above was posted 2 hrs ago.
My leaps I bought at 60 are still underwater due to the hugespread on the bid and ask price but come 2017 they are going to look sweet
RobStark
Well-Known Member
Solar City was already way undervalued before this deal. If the details of this article are correct then the implications are staggering. This article had the best paragraph I have found so far on this deal.
"SolarCity expects to spend US$150m initially to fund construction of the facility, with the state kicking in an additional US$750m. The company will lease the facility for a 10-year period at a rate of US$1 per year, but must provide 1,450 manufacturing jobs and employ 2,000 downstream jobs in sales and installations, as well as help create 1,400 more jobs to support contractor and suppliers."
http://www.ifrasia.com/solarcity-funds-gigafactory-with-us$500m-cb/21165975.article
To only spend 150 million to build out this huge factory is so amazing !
edit: SolarCity - Current Report
very nice ... 150m confirmed as the price they expect to get factory operational.
"SolarCity expects to spend US$150m initially to fund construction of the facility, with the state kicking in an additional US$750m. The company will lease the facility for a 10-year period at a rate of US$1 per year, but must provide 1,450 manufacturing jobs and employ 2,000 downstream jobs in sales and installations, as well as help create 1,400 more jobs to support contractor and suppliers."
http://www.ifrasia.com/solarcity-funds-gigafactory-with-us$500m-cb/21165975.article
To only spend 150 million to build out this huge factory is so amazing !
edit: SolarCity - Current Report
very nice ... 150m confirmed as the price they expect to get factory operational.
Last edited:
Guys, checkout SolarCity twitter feed at SolarCity (@solarcity) | Twitter
There are a ton of tidbits. Here is a good one:
"W 700+ crowd @NYGovCuomo announces deal to create largest solar power manufacturing plant in W Hemisphere to Buffalo"
There are a ton of tidbits. Here is a good one:
"W 700+ crowd @NYGovCuomo announces deal to create largest solar power manufacturing plant in W Hemisphere to Buffalo"
500mil convertible is priced. Details are here:
SolarCity Corporation Announces Pricing of $500 Million Convertible Senior Notes Offering (NASDAQ:SCTY)
- - - Updated - - -
A few key points.
- The notes will bear interest at a rate of 1.625% per year.
- The initial conversion rate for the notes is 11.9720 shares of common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $83.53 per share).
I am not an expert in convertible pricing. But this looks like a very good deal for the purchasers of the notes. SCTY already reached $83.53+ early this year.
- The Company expects to use approximately $57.6 million of the net proceeds of the offering of the notes to pay the cost of the capped call transactions described below and to use the remaining proceeds of the offering for general corporate purposes, including working capital, capital expenditures and potential acquisitions.
Not clear until what price there will be dilution protection. Nevertheless this is a positive.
SolarCity Corporation Announces Pricing of $500 Million Convertible Senior Notes Offering (NASDAQ:SCTY)
- - - Updated - - -
A few key points.
- The notes will bear interest at a rate of 1.625% per year.
- The initial conversion rate for the notes is 11.9720 shares of common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $83.53 per share).
I am not an expert in convertible pricing. But this looks like a very good deal for the purchasers of the notes. SCTY already reached $83.53+ early this year.
- The Company expects to use approximately $57.6 million of the net proceeds of the offering of the notes to pay the cost of the capped call transactions described below and to use the remaining proceeds of the offering for general corporate purposes, including working capital, capital expenditures and potential acquisitions.
Not clear until what price there will be dilution protection. Nevertheless this is a positive.
more info of the purchasers
| Purchaser | Aggregate Principal Amount of Securities to be Purchased | Aggregate Principal Amount of Optional Securities to be Purchased if Maximum Option Exercised | ||||||
| Goldman, Sachs & Co. | $ | 166,666,000 | $ | 25,000,000 | ||||
| Credit Suisse Securities (USA) LLC | $ | 141,667,000 | $ | 21,250,000 | ||||
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $ | 141,667,000 | $ | 21,250,000 | ||||
| Deutsche Bank Securities Inc. | $ | 25,000,000 | $ | 3,750,000 | ||||
| Barclays Capital Inc. | $ | 25,000,000 | $ | 3,750,000 | ||||
| Total | $ | 500,000,000 | $ | 75,000,000 | ||||
| | | | | |
good timing, I think VSLR IPO tomorrow should pumps scty up, unless the oil price keeps crashing ..
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