sunedison

D.E. Shaw has bid to replace SunEdison as the operating sponsor of TerraForm Power, according to a regulatory filing on 21 October.

Renewables firm SunEdison currently in Chapter 11 bankruptcy proceedings confirmed in a statement that it was in talks with its two publically listed yieldco subsidiaries to sell its ownership interest and other rights in the yieldcos.

US utility Edison International has secured the purchase from bankrupt renewable energy firm, SunEdison around 140MW of solar projects in Minnesota from the Chapter 11 firm’s gigawatts of pipeline projects for a total price of up to US$79.8 million.

The two renewable energy yieldco subsidiaries of Chapter 11 bankrupt firm, SunEdison are seeking over US$3 billion from their parent company over damages and sought settlement via discussions before heading to the courts.

Both yieldco subsidiaries of bankrupt renewables firm SunEdison have said they were seeking mergers or sales of their entire businesses after it became increasingly possible that SunEdison would not emerge from bankruptcy proceedings.

Onyx Renewable Partners LP, a finance and development company focused on commercial and industrial (C&I) markets and small-scale utility PV projects, announced that it has closed a deal to acquire a portfolio of C&I assets from SunEdison.

Over the past 12 months, the US solar business has been on a rollercoaster ride, with the high-profile bankruptcy of SunEdison and the merger of SolarCity and Tesla stealing the headlines. Danielle Ola talks to the experts about some of the key trends shaping the world of solar finance and investment in the US.

Renewables firm SunEdison currently in Chapter 11 bankruptcy proceedings said in a SEC filing that it had received around 100 bids for parts and all assets of the company, yet the ‘sum of the parts’ equated to approximately US$1.25 billion to US$1.7 billion of potential total gross proceeds, far below incurred debts estimated at almost US$12 billion, excluding its two yieldco’s.

The solar yieldco business model was “flawed from the beginning”, says a US bank executive, who downplays sentiment that it was the SunEdison yieldco disaster that tarnished the model for good.

Both the TerraForm yieldcos have delayed their Q2 2016 results. It is the third successive quarter without financial filings by both TerraForm Power and TerraForm Global.