SunEdison halts dividend payments on convertible note as banks question support for Vivint deal

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
SunEdison has stopped quarterly dividends to investors of its ‘Series A Perpetual Convertible Preferred Stock'.

Struggling renewables firm SunEdison has stopped quarterly dividends to investors of its ‘Series A Perpetual Convertible Preferred Stock,’ due to its financial condition, while other reports claim major banks have baulked at providing finance towards the acquisition of US residential installer Vivint Solar. 

SunEdison said in a statement that it had suspended quarterly dividend payments of the convertible note and would accumulate in arrears, while the company reassesses its dividend policy. 

Reports also surfaced that claimed several major banks previously secured to support the acquisition of Vivint Solar have told the company that the funds would not be made available since SunEdison recently announced delaying its full-year financial statements, due to an internal enquiry and was therefore in breach of the conditions.

Banks have raised concerns over the difficulties in evaluating SunEdison’s actual financial condition in recent months.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

May 17, 2022
A total of 122 modules types from 25 manufacturers have been named as “Top Performers” by PV Evolution Labs (PVEL) in its 2022 Module Reliability Scorecard, with some ‘best ever results’ in certain categories and more powerful modules being offset by poor performance in others areas.
May 11, 2022
solar tracker manufacturer FTC Solar has withdrawn its guidance for the year and warned of material uncertainties caused by the US AD/CVD investigation.
May 9, 2022
Independent power producer (IPP) Cypress Creek Renewables has closed a US$125 million debt facility to fund the expansion of its solar and storage pipeline.
May 4, 2022
US developer Origis Energy has secured a loan that will help it progress with its pipeline of more than 20GW of solar, PV-plus-storage and standalone storage projects.
May 2, 2022
Investment firm KKR has reached an agreement to acquire French renewables developer Albioma.
May 2, 2022
US thin-film manufacturer First Solar recorded a US$43.3 million loss in its Q1 2022 mostly caused by a drop in sales, with the company expecting a “challenging 2022 from an earning standpoint” given ongoing supply chain constraints.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA