Topic: Growth Stocks

Stock Pickers Digest Hotline – Friday, January 9, 2015

Article Excerpt

ATLANTIC TELE-NETWORK, $64.56, symbol ATNI on Nasdaq, is entering the solar energy market by acquiring 28 solar projects in Massachusetts, California and New Jersey. The company paid $103 million for these assets ($64 million in cash and the assumption of $39 million of debt). Atlantic will now operate these projects, which have a total of 45.7 megawatts of capacity, through its newly created Ahana Renewable subsidiary. Customers include corporations, utilities, schools and municipalities. The projects’ power-purchase agreements range from 10 to 25 years, with a weighted average remaining life of 14.4 years. All of these facilities are generating revenue and have been operating for at least a year. Before the purchase, Atlantic held cash of $395.6 million, or $24.87 a share, and had no debt, so it can easily afford this acquisition. Solar generation is a big shift away from Atlantic’s wireless and wireline telecom operations in the U.S. Southwest, New England, New York State, Guyana, Bermuda and parts of the Caribbean islands…