Shares of SolarCity Corp (NASDAQ:SCTY) ended Friday session in green amid volatile trading. The shares closed up +0.53 points or 2.83% at $19.24 with 3,399,102 shares getting traded. Post opening the session at $18.71, the shares hit an intraday low of $18.67 and an intraday high of $19.40 and the price vacillated in this range throughout the day. The company has a market cap of $1.98 billion and the numbers of outstanding shares have been calculated to be 100.27 million shares.
SolarCity Corp (SCTY) on Sept. 12, 2016 announced that it raised $305 million in its second cash equity transaction. A private investment fund affiliated with Quantum Strategic Partners Ltd. and advised by Soros Fund Management LLC provided the equity investment in a portfolio of residential, commercial and industrial solar projects. The transaction also included a fully amortizing, 18-year loan that was syndicated to five high-quality institutional investors.
By placing the equity investor and lender group separately, SolarCity was able to achieve a pre-tax, weighted average cost of capital for the transaction of 7.4%, a significant improvement over its first cash equity transaction. The transaction and terms demonstrate the exceptional quality of SolarCity’s distributed solar assets.
The syndication of a long-dated, fully-amortizing loan is believed to represent a ‘first of its kind’ for distributed solar assets, creating another valuable financing tool for SolarCity. The loan was rated investment grade by a leading credit rating agency, and the financing is non-recourse to SolarCity. Bank of America Merrill Lynch acted as the sole syndication and structuring agent for the transaction.
SolarCity monetizes its underlying cash flows in cash equity transactions, but retains ownership of the assets and continues to service the customers. SolarCity held $5.2 billion in solar energy system assets on its balance sheet at the end of its most recently reported quarter on June 30. Those assets are contracted to create $3.1 billion in future payments on a net present value (NPV) basis, and SolarCity expects to continue to execute additional transactions in the future with high quality investors to monetize its contracted cashflows.
The portfolio of projects in the transaction announced collectively represents 230 megawatts of solar generation capacity spread across 15 states. The vast majority of the installations were completed in 2015 and 2016.
Shares of Baidu Inc (ADR) (NASDAQ:BIDU) ended Friday session in red amid volatile trading. The shares closed down -3.73 points or -1.91% at $191.72 with 3,252,952 shares getting traded. Post opening the session at $193.24, the shares hit an intraday low of $190.30 and an intraday high of $197.00 and the price vacillated in this range throughout the day. The company has a market cap of $65.18 billion and the numbers of outstanding shares have been calculated to be 27.17 million shares.
Baidu Inc (ADR) (BIDU) on Sep 1, 2016 announced it will release an open source software platform for the deep learning community.
The software will be released on GitHub on Sept. 30 with full documentation and specs. A pre-release alpha version is available now.
Originally developed for internal use by and for Baidu’s own engineers, the platform provides an intuitive and powerful interface for data handling and specifying model structure. Its ease of use makes it a natural starting point for programmers and enthusiasts who want to apply deep learning to their projects and products.
The platform, codenamed “PaddlePaddle,” has been used to develop a range of Baidu’s leading-edge products and technologies in areas such as advertising, search ranking, large-scale image classification, optical character recognition and machine translation.
The announcement was made at the annual Baidu World conference by Andrew Ng, Baidu chief scientist, who said, “PaddlePaddle opens up technology widely used by Baidu to programmers looking for easy-to-learn and easy-to-use tools to build their own deep learning applications.”
Pieter Abbeel, Associate Professor, UC Berkeley EECS and Research Scientist, OpenAI, commented, “Progress in AI is critically dependent on time spent in software development to prototype and test new ideas. Sharing software development frameworks, like Baidu is doing with its platform, is key to accelerating progress for the entire community.”