SunEdison, Inc. (NYSE:SUNE) Q2 2015 Earnings Conference Call - Final Transcript

Aug 06, 2015 • 08:00 am ET

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SunEdison, Inc. (NYSE:SUNE) Q2 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Ladies and gentlemen thank you for standing by, and welcome to the SunEdison and TerraForm Power Q2 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session; instructions will be given at that time. (Operator Instructions)

And as a reminder your conference is being recorded. I would now like to turn the conference over to your host Mr. Phelps Morris, VP of IR. Please go ahead, sir.

Executive
Phelps Morris

Good morning, everyone. Thank you for joining SunEdison and TerraForm Power's second quarter conference call. My name is Phelps Morris, VP of IR. From SunEdison, I am joined with Ahmad Chatila, our President and CEO, as well as Brian Wuebbels, our CFO. For TerraForm Power I'm joined by Carlos Domenech, its CEO, as well as Alex Hernandez, TerraForm's CFO, and finally Brett Prior, Director of IR.

(Forward-Looking Cautionary Statement)

With that, I will turn the call over to Ahmad.

Executive
Ahmad Chatila

Thanks, Phelps. Good morning, everyone. Welcome to our first joint earnings call with TerraForm Power and the first since the recent IPO of TerraForm Global. Today on going forward, we will give our investors a focused singular view of the development platform at SunEdison and the yield vehicles in TerraForm Power and TerraForm Global. It has taken a great deal of hard work to get to this point. I would like to take a moment to say how proud I am of all the work our employees around the world have put in to help us reach this point.

Today, I will provide a few brief comments on our platform and execution, then turn it over to Brian to review our results. After that, we will turn the call over to Carlos and Alex to discuss TerraForm and its results in more detail. Finally, Brian will provide you with a view of how our integrated platform creates value for all shareholders, both SunEdison and TerraForm Power.

First, relative to our growth engine, the SunEdison Development Company. We continue to hit record levels in our key performance metrics, including delivering 404 megawatts of solar and wind projects, well above the high end of our guidance. This is another demonstration of our team's ability to execute on our plan and drive megawatt growth that directly translates to shareholder value.

Even with this strong growth and projects delivered, we still exited the quarter with 1.9 gigawatts under construction, up by 1.1 from the previous quarter, and our diversified pipeline grew once again, now at 8.1 gigawatts with gross pipeline additions of 1 gigawatt versus last quarter. This continued strong growth gives us confidence to set 2016 guidance of 4.2 to 4.5 gigawatts, an increase by 50% over our prior outlook of 2.8 to 3 gigawatts provided at our Capital Markets Day earlier this year.

In short, our business continues to accelerate, and you can see the confidence we have not only in the team's ability to execute, but in our ongoing shift in the energy market which shows