SunEdison Files for Bankruptcy, to Proceed with Ongoing Projects

---

Researched by Industrial Info Resources (Sugar Land, Texas)--Renewable energy company SunEdison Incorporated (NYSE:SUNE) filed for Chapter 11 Bankruptcy protection on Thursday, marking the latest phase in its tumultuous history. The company stated, however, that ongoing projects will continue to move forward. Industrial Info is tracking 62 active SunEdison projects worth $8.18 billion.

The firm said it has obtained $300 million in bankruptcy debt financing, allowing it to proceed with ongoing projects and continue paying employee wages. SunEdison did not specify the ongoing projects. More than two-thirds of the combined value of SunEdison projects being tracked by Industrial Info are tied to projects still in the planning phases, where plenty of factors can still alter their outcome.

With assets of $20.7 billion and liabilities of $16.1 billion as of September 30, SunEdison's filing comes at a time when an aggressive acquisition strategy left it with $12 billion in debt, according to several news accounts. The wind and solar energy provider is facing heat from the U.S. Department of Justice and the U.S. Securities and Exchange Commission (SEC) over its failed$2.2 billion merger with solar panel installation company Vivint Solar. SunEdison said in a March 28 SEC filing it received a subpoena from the Justice Department seeking information regarding financing activities in connection with the Vivint acquisition amid allegations of wrongdoing.

Publically traded subsidiaries TerraForm Power and TerraForm Global were not part of the bankruptcy, but the former suing SunEdison for breach of contract, alleging it misappropriating $231 million of TerraForm Power's cash, and the latter accusing it of breaching its fiduciary obligations, has dulled the company's shine.

Shareholders are also throwing shade at SunEdison, as it faces nearly two dozen legal claims accusing it of being misleading about its financial position, and shares have fallen due to investor concerns that demand for solar energy could decline alongside weak oil prices.

The largest SunEdison project that Industrial Info is tracking is a $750 million, 600 megawatt (MW) windfarm in Presque Isle, Maine. Currently in the planning phrase, it is scheduled for kickoff in May 2020 and for completion in November 2023.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.