Shares of SunPower Corporation (NASDAQ:SPWR) ended Friday session in green amid volatile trading. The shares closed up +0.27 points or 3.27% at $8.52 with 3,989,006 shares getting traded. Post opening the session at $8.20, the shares hit an intraday low of $8.16 and an intraday high of $8.74 and the price vacillated in this range throughout the day. The company has a market cap of $1.22 billion and the numbers of outstanding shares have been calculated to be 138.15 million shares.
On Sept. 20, 2016 8point3 Energy Partners (CAFD) announced that it has entered into an agreement to acquire SunPower Corp.’s (SPWR) 49 percent stake in its 102-megawatt (MW) Henrietta solar project for $134 million.
“Our acquisition of SunPower’s 49 percent minority interest in Henrietta further re-enforces our long-term strategy of adding high quality solar projects from our sponsors, with investment grade off-takers, to our portfolio,” said Chuck Boynton, CEO of 8point3 Energy Partners. “With the expected acquisition of Henrietta, our portfolio will grow to interests in 637-MW of solar projects.”
The acquisition is expected to generate approximately $10.9 million in annual cash distributions and has a 20 year contract life.
The transaction is subject to a financing condition and other customary closing conditions and is expected to close on or about September 30, 2016. The partnership expects to fund the acquisition through some combination of cash on hand, borrowings under its existing credit facility and the issuance of additional equity.
Located in California’s San Luis Valley, the Henrietta project will commence operations in October 2016. The project is majority owned by Southern Company. Pacific Gas and Electric is purchasing the power generated by the project under a 20 year power purchase agreement.
Shares of Xerox Corp (NYSE:XRX) ended Friday session in red amid volatile trading. The shares closed down -0.09 points or -0.90% at $9.92 with 3,986,330 shares getting traded. Post opening the session at $9.99, the shares hit an intraday low of $9.92 and an intraday high of $10.02 and the price vacillated in this range throughout the day. The company has a market cap of $9.96 billion and the numbers of outstanding shares have been calculated to be 1.01 billion shares.
On September 23, 2016 Xerox (XRX) has been recognized as a leader in the IDC MarketScape: Worldwide Document Workflow Services Hardcopy 2016 Vendor Assessment. This marks the sixth year that Xerox has held a leadership position in IDC MarketScape reports evaluating managed print and document services, and its evolution to document workflow services.
Xerox is the only printing equipment manufacturer evaluated in the report with a dedicated organization supporting document workflow. Workflow automation offerings have been a staple of the company’s productivity and process enhancers for years, helping its customers avoid document management bottlenecks and inefficiencies. Xerox has continued to enhance its cross-industry and vertical workflow automation offerings, with 29 new solutions across retail banking, manufacturing, government, healthcare and higher education.
Enhancements to Xerox’s document workflow portfolio include workflow assessment methodology, adaptive business process models, intelligent document processing, and review and forms recognition. For example, Xerox intelligent business process management (iBPM) offerings will enable solutions to scale and will accelerate rapid application development, allowing for more customization for partners and customers.
“Xerox managed workflow services deliver benefits to a wide array of industries and lines of business within an organization – from reducing paper and cutting costs to enhancing employee productivity and ensuring data and document security,” said Mike Feldman, president, Large Enterprise Operations, Xerox. “Our longstanding leadership position in the market is representative of our consistent growth and adoption of software and service solutions that deliver the best and most tailored benefits to our customers.”