On Monday, Shares of Suncor Energy Inc. (USA)(NYSE:SU), added 0.58% and closed at $28.62 in the last trading session. SU stock opened its last trade at $28.41 and after floating in a range of $28.31 to $28.67. The company’s Market capitalization is $47.61 Billion with the total Outstanding Shares of 1.66 Billion. During the 52-week trading session the minimum price at which share price traded, registered at $18.71 and reached to max level of $30.70. Suncor and Mikisew Cree First Nation (MCFN) recently declared the signing of a participation agreement for the purchase by MCFN of a 14.7% interest in Suncor’s East Tank Farm Development.
Under the terms of the agreement, MCFN will pay 14.7% of the actual capital cost of the East Tank Farm Development once the assets become operational, which is presently anticipated to be in the second quarter of 2017.
“We are very excited that MCFN has joined us as a partner in the East Tank Farm Development,” said Mark Little, executive vice president, Upstream, Suncor. “We have worked closely with MCFN for many years and this type of joint venture partnership is an exciting next step for both of us. Not only will it provide the community with a long term revenue stream, it recognizes the value of relationships, building mutual trust and respect and strengthening the participation of Aboriginal Peoples in energy development.”
MCFN’s 14.7% share of the actual capital cost of the East Tank Farm Development is presently anticipated to be about $147 million which will be payable to Suncor upon closing. The transaction is subject to a number of closing conditions counting the negotiation of definitive documentation, the First Nation obtaining suitable financing, due diligence and other conditions customary for transactions of this nature and is anticipated to close in the second quarter of 2017.
Revenue from the long-term terminaling services agreements with the Fort Hills partners will underpin MCFN’s independent financing of the transaction. Suncor will be the operator of the East Tank Farm Development once operational.
SolarCity Corp (NASDAQ:SCTY), dropped -1.75% and closed at $19.65 in the last trading session. SCTY stock opened its last trade at $20.00 and after floating in a range of $19.46 to $20.17. The company’s Market capitalization is $1.98 Billion with the total Outstanding Shares of 100.27 million. During the 52-week trading session the minimum price at which share price traded, registered at $16.20 and reached to max level of $58.87. SolarCity Corp. (SCTY) recently declared that it has created a new fund to finance more than $300 million in solar projects with Credit Suisse. The fourth such partnershipbetween SolarCity and Credit Suisse will allow thousands of homeowners in the U.S. to pay less for solar electricity than they pay for utility bills.
The fund represents another new financing for SolarCity, following a $305 million cash equity financing and a fund to finance $347 million in projects with Citi that closed last month.