SunEdison retaining more completed PV projects on revised financial outlook

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Major PV project developer, SunEdison, is continuing to restructure is its financial business model to capitalise on growth plans and attract low-cost finance.

The company said it would retain on its balance sheet a higher number of PV products that have been completed in the fourth quarter of 2013, instead of selling the projects.

SunEdison recently guided that it would retain 100MW to 105MW of projects in the fourth quarter that would be leveraged in a new ‘YieldCo’ financial instrument to increase its long-term earnings value from projects.

However, the company advised that rather than selling it would retain between 125MW to 135MW of projects in the quarter.

As a result overall sales in megwatt terms for the ful -year would be lower than previously guided. SunEdison expects to sell 308MW to 405MW, down from 405MW to 435MW. The company noted that it still expected PV projects completed to be between 505MW and 540MW in 2013.

The company also revised down sales from its semiconductor wafer operations due to weaker than expected demand.

Debt restructuring

Separately, SunEdison also announced that it planned to issue two new large convertible bonds totalling around US$800 million.

The company said that a US$400 million convertible senior note was planned that had a due date of 2018 and a further US$400 million convertible senior note due in 2021.

The funds were said to be used to redeem all US$550 million outstanding aggregate principal amount of its 7.75% senior notes due 2019, as well as to repay all amounts borrowed under its US$200 million second lien term loan that has a current interest rate of 10.75%. The new bonds are expected to carry lower interest rates.

SunEdison plans to double PV power plant construction in 2014 and had a project pipeline of 3.1GW at the end of the third quarter of 2013.

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