TerraForm to Sell Some UK Solar Projects
TerraForm Power Inc, the "yieldco" of bankrupt solar company SunEdison Inc, said it would sell some UK solar projects to Vortex, the renewable energy investment platform of Egypt's EFG Hermes , for about $580 million. Shares of TerraForm Power were up 3.3 percent at $13.5 in early trading. TerraForm Power and TerraForm Global Inc, the other yieldco of SunEdison, said in September they were exploring strategic alternatives, including a sale of their entire business.
Brookfield Asset Proposes Stake in TerraForm Power
Brookfield Asset Management Inc proposed on Friday to take a 50-60 percent stake in bankrupt solar company SunEdison Inc unit TerraForm Power Inc , a week after it expressed interest in buying the unit. The cash offer of $13 for class A and class B shares of TerraForm Power is nearly in line with the class A stock's Thursday close of $13.01. The asset manager, which in June expressed interest in buying SunEdison's stake in TerraForm…
SunEdison's Yieldcos Exploring Strategic Options, Including Sale
TerraForm Global Inc and TerraForm Power Inc, the "yieldcos" of bankrupt solar company SunEdison Inc, said on Monday they were exploring strategic alternatives, including a sale of their entire business. TerraForm Power's shares were up 3.4 percent at $13.49 in early trading, while TerraForm Global was up 7.4 percent at $3.65. The two companies said on Monday they are also considering replacing SunEdison with a new sponsor…
SunEdison Delays Filing Q2 Results
Bankrupt solar company SunEdison Inc on Friday joined its "yieldcos" in delaying earnings report for the second-quarter ended June 30. SunEdison is yet to file its 2015 annual repot, as well as its first-quarter report, after the company identified "material weaknesses" in its financial reporting, primarily related to problems with a newly implemented IT system. The company said the Chapter 11 bankruptcy filing also contributed to the delay. Once the fastest-growing U.S.
SunEdison at Risk of Bankruptcy; Shares Plummet
U.S. solar company SunEdison Inc , whose aggressive acquisition strategy has saddled it with more than $11 billion of debt, is at "substantial risk" of bankruptcy, one of its two publicly listed units warned on Tuesday. SunEdison's shares - already reeling from a Wall Street Journal report that the company was being investigated for overstating its cash position - fell as much as 43 percent in premarket trading.
SunEdison and TerraForm Delay Filing Reports Again
Solar company SunEdison Inc and its "yieldco" TerraForm Power Inc said on Wednesday they had delayed filing their annual reports beyond an extended deadline due to problems with their IT systems, sending their shares plunging. SunEdison, struggling under a huge debt load, said on Feb. 29 it had delayed filing its report by the original deadline while it conducted an internal investigation into its financial position. That investigation has not been completed, SunEdison said on Wednesday.
SunEdison Cuts Cash Portion of Vivint Solar Offer
Solar company SunEdison Inc said it cut the cash portion of its offer for Vivint Solar Inc by $2.00 to $7.89 per share. SunEdison's shares jumped 21.4 percent to $4.25 in early trading on Wednesday. The company said the stock component of the offer has been raised by 75 cents per share. SunEdison also said Blackstone Group LP had entered into a commitment to provide a $250 million credit facility. SunEdison said its yieldco…
Two SunEdison c-suite Departures Announced
Troubled U.S. solar company SunEdison Inc said on Monday chief executives of its two yield cos had stepped down and the company's chief financial officer will assume additional roles of chief executive at the units. Chief Financial Officer Brian Wuebbels will assume additional roles of Chief Executive at the yield cos, TerraForm Power Inc and TerraForm Global Inc, SunEdison said. SunEdison also said the CFO of its yield cos had stepped down and will be succeeded by Rebecca Cranna.
SunEdison's Problems May Impact Solar Yieldcos
SunEdison Inc's decision to halt sales of solar power plants to its dividend-paying "yieldco" units has drawn attention to the company's missteps at a time when the oil price slump has claimed renewable energy stocks as collateral damage. So-called yieldcos are publicly traded entities that house solar and wind projects sold to them by their parent companies. These units have long-term agreements to sell power…
Solar is Hot Everywhere but Wall Street
By almost any measure, the U.S. solar market is on fire. Installations of solar panels are expected to soar by a third this year, the price of solar power is now cheap enough to compete neck and neck with gas and coal-fired power in places like California, and the fledgling industry received a vote of confidence last week when U.S. President Barack Obama announced a groundbreaking plan to curb power plant emissions. Even China's currency devaluation could cut panel costs for U.S. solar installers.
SunEdison to buy Vivint Solar for about $2.2 bln
Solar company SunEdison Inc said it would buy Vivint Solar Inc in a deal valued at about $2.2 billion, including debt, to expand in the residential and commercial solar power business. SunEdison has offered Vivint shareholders $9.89 in cash, $3.31 in stock and $3.30 in notes for every share held. The offer works out to $16.50 per share, a 51.7 percent premium to Vivint's Friday close. Vivint's shares were up 44 percent in premarket trading on Monday.
SunEdison's Emerging Market Unit Files for IPO
TerraForm Global Inc, formed by solar company SunEdison Inc to own and operate some of its power plants in emerging markets, filed with U.S. regulators for an initial public offering of its class A common shares. TerraForm Global will operate as a "yield co", a corporate structure used by renewable energy companies to bundle up power plants and spin them off. SunEdison is following in the footsteps of NRG Energy Inc , which listed a unit holding some of its wind and natural gas assets in 2013.
SunEdison Appoints SVP and Chief Strategy Officer
Renewable energy development company SunEdison, Inc. announced that Julie Blunden has been appointed senior vice president and chief strategy officer of SunEdison, including responsibility for marketing, communications, investor relations and public policy. "Julie brings a rare depth of industry experience from the early days of competitive power generation through the development of global wholesale and retail…
Solar Plant Owner TerraForm Rises 37% in Debut
Shares of TerraForm Power Inc, created by SunEdison Inc to own and operate its solar power plants, rose as much as 37 percent in their market debut, valuing the company at about $3.26 billion. TerraForm Power's IPO raised about $502.5 million after the offering of 20.1 million shares was priced at $25 per share, at the higher end of its expected price range. The company's shares opened at $33.36 and rose to a high of $34.34 as of 1112 ET on the Nasdaq on Friday.
