Major fabless photovoltaics energy provider (PVEP) SunEdison reported fourth quarter and full-year results for 2014, reaching its 1GW project completion target and increased its pipeline by 51% to 5.1GW, excluding the First Wind acquisition.
SunEdison reported fourth quarter 2014 GAAP revenue of US$610.5 million, a gross margin of 13.3% and a net loss of US$242 million. Losses continued primarily due to projects being retained rather than sold, according to the company.
The company reported recognized revenue on 61MW of solar systems in the quarter, which were below guidance of 84MW to 124MW. However, SunEdison reported 295MW of projects that were retained on the balance sheet, which was in-line with guidance of 251MW to 361MW.
The company noted that 467MW of PV projects were under construction at the end of the fourth quarter of 2014.
“During the fourth quarter, we continued our record of strong execution as we reached new quarterly and annual milestones by completing all-time highs of 383MW during the quarter and 1,048MW for the year while growing our pipeline to 5.1GW and our backlog to 2.6 GW,” said Ahmad Chatila, Chief Executive Officer.