Horn
9th April 2016, 09:26 AM
So much for that warranty on your counties windmill.
Green Energy Chronicles
John's latest update on graft, corruption and waste in the energy sector.
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SunEdison Preparing to File for Bankruptcy (http://www.bizjournals.com/stlouis/morning_call/2016/04/sunedison-preparing-for-bankruptcy-looks-to-sell.html)
Solar-energy company SunEdison Inc. plans to file for bankruptcy protection in coming weeks, a dramatic about-face for a company whose market value stood at nearly $10 billion in July.
Separately Monday, Reuters reported (https://finance.yahoo.com/news/silicon-valley-main-st-firms-110001337.html) that more than two dozen lawsuits have been filed against SunEdison and its executives since the beginning of the year, primarily from shareholders claiming to have been misled about the company's financial position.
The lawsuits also include large and small plaintiffs seeking payment, including Massachusetts-based Valley Home Improvement, alleging it's owed $37,000 for solar panel installation, and Silicon Valley's Khosla Ventures and partners claim SunEdison owes them $6 million related to a $27.5 million acquisition of EchoFirst Inc., according to the news agency.
TerraForm Says SunEdison Deal Robbed Division of $231 Million (http://www.bloomberg.com/news/articles/2016-04-04/sunedison-s-terraform-sued-on-overdue-payment-in-first-wind-deal)
Under the First Wind deal, SunEdison and TerraForm Power bought 500 megawatts of operating wind farms, 21 megawatts of operating solar farms and 1.6 gigawatts of development-stage projects. They deferred about $510 million in earn-out project payments, and about $231 million of that amount remains unpaid.
That’s the amount D.E. Shaw and Madison Dearborn Capital are seeking from TerraForm Power, which also was one of the buyers and shares responsibility for the debt, according to the suit.
The case involving the First Wind deal is D.E. Shaw Composite Holdings LLC v. TerraForm Power LLC, 651752/2016, New York State Supreme Court, New York County. The other case is TerraForm Global Inc. v. SunEdison Inc., No. 12159, Delaware Chancery Court (Wilmington).
SunEdison’s Subsidy-Fueled Collapse (http://www.nationalreview.com/article/433572/sunedison-failure-energy-subsidies)
The company burned no fossil fuels but plenty of taxpayer dollars. Even $1.5 billion in subsidies and loan guarantees can’t save a “clean” energy company from bankruptcy. That’s the takeaway from the looming failure of SunEdison, a company that touts itself as the “largest global renewable energy development company.”
Once a darling of Wall Street and the green Left because of SunEdison’s portfolio of wind and solar projects, the company’s stock is now in free fall. Furthermore, two related companies that were spun off from SunEdison — TerraForm Global and TerraForm Power — also appear to be in financial distress. On March 30, Brian Wuebbels, the CEO of both TerraForm companies, resigned effective immediately. If all that weren’t enough, the company is also under investigation by both the Justice Department and the Securities and Exchange Commission about its finances and the disclosures it made to investors.
Bloomberg Video
SunEdison Death Spiral
http://dailybail.com/home/green-energy-chronicles-sunedison-enters-death-spiral.html
Green Energy Chronicles
John's latest update on graft, corruption and waste in the energy sector.
---
SunEdison Preparing to File for Bankruptcy (http://www.bizjournals.com/stlouis/morning_call/2016/04/sunedison-preparing-for-bankruptcy-looks-to-sell.html)
Solar-energy company SunEdison Inc. plans to file for bankruptcy protection in coming weeks, a dramatic about-face for a company whose market value stood at nearly $10 billion in July.
Separately Monday, Reuters reported (https://finance.yahoo.com/news/silicon-valley-main-st-firms-110001337.html) that more than two dozen lawsuits have been filed against SunEdison and its executives since the beginning of the year, primarily from shareholders claiming to have been misled about the company's financial position.
The lawsuits also include large and small plaintiffs seeking payment, including Massachusetts-based Valley Home Improvement, alleging it's owed $37,000 for solar panel installation, and Silicon Valley's Khosla Ventures and partners claim SunEdison owes them $6 million related to a $27.5 million acquisition of EchoFirst Inc., according to the news agency.
TerraForm Says SunEdison Deal Robbed Division of $231 Million (http://www.bloomberg.com/news/articles/2016-04-04/sunedison-s-terraform-sued-on-overdue-payment-in-first-wind-deal)
Under the First Wind deal, SunEdison and TerraForm Power bought 500 megawatts of operating wind farms, 21 megawatts of operating solar farms and 1.6 gigawatts of development-stage projects. They deferred about $510 million in earn-out project payments, and about $231 million of that amount remains unpaid.
That’s the amount D.E. Shaw and Madison Dearborn Capital are seeking from TerraForm Power, which also was one of the buyers and shares responsibility for the debt, according to the suit.
The case involving the First Wind deal is D.E. Shaw Composite Holdings LLC v. TerraForm Power LLC, 651752/2016, New York State Supreme Court, New York County. The other case is TerraForm Global Inc. v. SunEdison Inc., No. 12159, Delaware Chancery Court (Wilmington).
SunEdison’s Subsidy-Fueled Collapse (http://www.nationalreview.com/article/433572/sunedison-failure-energy-subsidies)
The company burned no fossil fuels but plenty of taxpayer dollars. Even $1.5 billion in subsidies and loan guarantees can’t save a “clean” energy company from bankruptcy. That’s the takeaway from the looming failure of SunEdison, a company that touts itself as the “largest global renewable energy development company.”
Once a darling of Wall Street and the green Left because of SunEdison’s portfolio of wind and solar projects, the company’s stock is now in free fall. Furthermore, two related companies that were spun off from SunEdison — TerraForm Global and TerraForm Power — also appear to be in financial distress. On March 30, Brian Wuebbels, the CEO of both TerraForm companies, resigned effective immediately. If all that weren’t enough, the company is also under investigation by both the Justice Department and the Securities and Exchange Commission about its finances and the disclosures it made to investors.
Bloomberg Video
SunEdison Death Spiral
http://dailybail.com/home/green-energy-chronicles-sunedison-enters-death-spiral.html