SunEdison’s Bankruptcy Does Not Scare Hedge Funds Away From Solar

#4. Canadian Solar Inc. (NASDAQ:CSIQ)

– Investors with long positions as of March 31: 17

– Aggregate value of investors’ holdings as of March 31: $92.15 Million

There were 17 hedge funds tracked by Insider Monkey with long positions in Canadian Solar Inc. (NASDAQ:CSIQ) at the end of the March quarter, as compared with 16 recorded at the end of the final quarter of 2015. Even so, the overall value of those long positions shrunk to $92.15 million from a much higher figure of $147.01 million quarter-over-quarter. The 17 asset managers invested in the Ontario-based solar power company amassed almost 9% of the company’s outstanding common shares. The top-line figures posted by Canadian Solar have been on an increase in recent years. The Canadian company recorded total net revenues of $3.47 billion in 2015, up from $2.96 billion in 2014 and $1.65 billion in 2013. The top-line growth in 2015 was driven by higher shipments from the module segment, partly offset by lower selling prices of its solar modules and a decrease in revenue contribution from sales of solar power projects. Shares of Canadian Solar are down 32% so far in 2016. Kenneth Tropin’s Graham Capital Management was the owner of 8.00 million shares of Canadian Solar Inc. (NASDAQ:CSIQ) at the end of March.

#3. TerraForm Global Inc. (NASDAQ:GLBL)

– Investors with long positions as of March 31: 23

– Aggregate value of investors’ holdings as of March 31: $81.56 Million

TerraForm Global Inc. (NASDAQ:GLBL) received some love from the hedge funds monitored by Insider Monkey despite the mounting problems at its parent company that led to bankruptcy in April. The number of smart money investors from our system with stakes in SunEdison’s satellite rose to 23 from 21 during the January-to-March quarter, whereas the value of those stakes dropped to $81.56 million from $173.07 million quarter-over-quarter. A total of 19% of TerraForm’s outstanding shares were hoarded up by the 23 hedge funds tracked by our team. The so-called yieldco of SunEdison, an owner and operator of clean energy power plants, has yet to file its delayed 10-K with the SEC or it will be required to repay $810 million in defaulted loans. Partially due to SunEdison’s troubles and bankruptcy, TerraForm Global has not issued a quarterly financial report since the third quarter of 2015. As a result, the shares of the yieldco are down a massive 52% since the start of 2016, as investors are increasingly worried about the company’s operational performance and balance sheet. David Tepper’s Appaloosa Management LP acquired a new stake of 3.65 million shares of TerraForm Global Inc. (NASDAQ:GLBL) during the March quarter.