GLP

GLP: Company announced its investment of US$82m in rooftop solar panels in Japan, which will generate a levered IRR of approximately 17%, through the sale of electricity generated to utility companies, with a fixed selling price over a 20-year period. This project which will see GLP installing solar panels on the rooftops of 22 of its properties, is highly accretive given the average WACC of 7%, and will create a new revenue stream for GLP; annual consumption of approximately 5,300 households will be generated through the project. Although the newly elected Prime Minister Abe is an advocate to nuclear energy, the country is announcing new measures which will boost solar energy installations by 43% in 2012 alone. Street estimates TP of $2.86, 4% above the last traded price.