2014.10.2101:59:15UTC+00Greenlight Capital urging investors to buy into renewable energy

Greenlight Capital Inc.’s president, David Einhorn, is recommending to its investors to buy shares in renewable energy companies and position themselves against French sovereign debt, says people familiar with the issue.

Einhorn’s recommendations included getting stocks at TerraForm Power Inc. and SunEdison Inc, which he shared during the Robin Hood Investors Conference in New York. Einhorn currently manages $10 billion through Greenlight.

According to the investment firm president, SunEdison is potentially worth $32 per share due to the decreasing cost in providing solar energy and the increasing prices of electricity, setting itself up to be a winner. Greenlight bought into SunEdison during the second quarter at an average price of $15.55. The solar producer climbed by 7.7% to $17.90, while TerraForm advanced by 11.3% to close at $27.77.

Additionally, Einhorn claimed that he held warrants at the Alpha Bank AE and Piraeus Bank SA of Greece, and is making bets against the sovereign debt of France. Earlier in the year, he said that bargains were becoming hard to find after a five year rally in the stock market and will be opening the fund to new investment options after the Standard & Poor’s 500 Index fell on September 16th by 6% from its record closing value.