SunEdison has requested that TerraForm Global take steps to facilitate its own sale, as revealed in a presentation by the “yieldco” to investors. TerraForm Global is the company which holds many of SunEdison’s wind and solar projects outside the United States.
In this presentation, TerraForm Global notes that it is in “active discussions” with SunEdison for a “jointly-supported sales process”, but the company has made no decision at present to support any bidder, structure or transaction.
The news that SunEdison is looking for a buyer for TerraForm Global comes less than a month after CEO Ahmad Chatila was replaced by John S. Dubel, who was hired from outside SunEdison to restructure the company.
It also comes as Bloomberg reports that SunEdison has not found a new buyer for the entire business, three months after filing for chapter 11 bankruptcy protection. Citing two anonymous sources, Bloomberg says that the company has received over 100 indications of interest for specific assets, including a controlling stake in its initial yieldco, TerraForm Power.
TerraForm Global holds a fleet of 917 MW of wind and solar assets, including 307 MW of wind in Brazil and 299 MW of wind and solar in India, with its other assets spread across the developing world in Asia, Africa and South America.
The company has not filed results since its last form 10-Q in November 2015, however a statement of preliminary Q1 results shows revenue of $47-52 million and a net loss of $0-8 million. However, despite $41 million in acquisition fees, $76 million in bond repurchase and debt service and $41 million in SunEdison reimbursement for senior notes, the company closed the quarter with $787 million in unrestricted cash.
However, the company also notes that it is “highly dependent” on SunEdison, and that the “SunEdison bankruptcy poses substantial risks to our business, operations and financial condition”.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.