Posted on 05/24/2016 7:30:08 AM PDT by Lorianne
Rothschild, a restructuring agent, is taking bids to liquidate geographic bundles of the developer’s assets. ___ Until this most recent news, many in the solar industry were holding out a thread of hope that bankrupt SunEdison could somehow recover and continue in a diminished but intact capacity.
That does not appear to be the case.
According to a report in SparkSpread, SunEdison’s restructuring agent, Rothschild, is "soliciting bids for the bankrupt company’s asset portfolio in what is expected to result in an outright liquidation of the developer."
That's an approximately 4-gigawatt to 5-gigawatt collection of operating and development assets, according to reports.
Assets will be bundled by geography.
SunEdison has not made a final decision on liquidating its portfolio, according to SparkSpread, but it appears that the renewable energy developer is unlikely to refinance and re-emerge from this self-inflicted financial implosion.
The troubled firm, once the largest renewables developer in the world, has a dedicated web page to answer questions on the bankruptcy filing here.
Bloomberg New Energy Finance’s Head of Solar, Jenny Chase, comments, "SunEdison’s bankruptcy says more about the company’s strategic decisions than about the solar industry as a whole. Comparable companies SunPower and First Solar have managed a develop-and-sell business profitably over the past three years." She adds, "What has distinguished SunEdison has been the relentless and unfocused pursuit of growth, in which it has invested vast amounts of borrowed money. Not all of its ventures succeeded, which is inevitable in the project development business, but SunEdison’s win-to-loss ratio was evidently insufficient. It borrowed a lot of money and lost it -- or at least tied it up in projects at various degrees of completion, which it needs to sell to realize the gains and pay back creditors."
(Excerpt) Read more at greentechmedia.com ...
Title should lead with the word SunEdison
Heh - it’s clear from the excerpt (that the soon-to-be defunct entity is SunEdison), but on reading the title, I thought it was the National Organization for Women. I say leave the mistake in the title, clickbait! It snagged me!
Why don’t they just go to the uniparty congress and get a bailout like Puerto Rico?
lol
Same old stuff since the 70s and yet I still hear ads on the radio pumping up solar. Its ok in a limited capacity but nothing beats oil.
Nah..
What will happen is a new group will purchase the assets for pennies on the dollar and then declare how profitable solar is....:^)
Nice if you don’t have to account for the capital costs.
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