Watchlist Movers: END, DAL, SUNE

Technology Stocks News 17

Endeavour International Corporation (NYSE:END), an independent oil and gas company, said a valve in the Rochelle field in the U.K. that had been stuck in the “shut” position has now been opened and production is expected to re-start in the next few days.

The Rochelle field came on line in October of 2013. Endeavour has a 44% working interest in the field, which is located in UKCS Blocks 15/26b, 15/26c and 15/27.

Delta Air Lines (NYSE:DAL) shares were up 1.3% pre-market Wednesday after it said it plans substantial changes to its mileage reward program, which will be based on price instead of distance traveled.

The 2015 SkyMiles program will allow customers to earn redeemable mileage based on distance traveled to one based on ticket price.

The program updates will be effective Jan. 1, 2015 and will also include a new mileage redemption structure that will improve Award seat availability at the lowest mileage requirement levels, offer One-Way Awards at half the price of round-trip, provide additional Miles + Cash Award options, as well as make significant improvements to delta.com and Delta reservations Award shopping tools.

Shares of SunEdison (NYSE:SUNE) climbed in Wednesday’s pre-market session and were on track for a new regular-session 52-week high, after the solar-technology company said it closed a non-recourse debt-financing arrangement with Deutsche Bank, with proceeds to be used to finance the construction of a 56 megawatt portfolio of four utility-scale photovoltaic solar projects in the U.K.

SUNE was up 5.4% at $17.90 in recent pre-market trading, on pace to surpass its 52-week high of $17.13 in the regular session.

The portfolio of solar projects in the U.K. receiving the proceeds from the debt-financing arrangement is expected to be fully operational by the end of March 2014, the company said, noting this portfolio marks SunEdison’s entry into the rapidly growing U.K. solar market.

SunEdison noted through a share-purchase agreement, Foresight Solar Fund Ltd., an investment company listed on the London Stock Exchange and managed by Foresight Group, will acquire the entire portfolio of projects once interconnected. Foresight’s commitment to acquire the assets was confirmed in the IPO Prospectus issued by Foresight Group in September 2013 and will be completed utilizing the Fund’s IPO proceeds.

The energy produced from the projects will be purchased from SunEdison by SmartestEnergy, a purchaser of independently generated electricity in the U.K., through a power-purchase agreement.

Once operational, the solar-power plants will be managed by the SunEdison Renewable Operation Center.

 

 

 

 

 

 

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