"Due to SunEdison's liquidity difficulties, there is a substantial risk that SunEdison will soon seek bankruptcy protection," said a filing to the US Securities and Exchange Commission (SEC).
The Wall Street Journal, citing unidentified sources, reported the SEC is investigating SunEdison for possibly overstating its cash position.
SunEdison was also due to file its twice-delayed 2015 annual report to the SEC by 30 March.
By failing to file a report, SunEdison faces a potential technical default on at least $1.4 billion in loans and credit facilities, reported Bloomberg.
A SunEdison spokesman declined to comment to Windpower Monthly.
The US-based company's aggressive growth strategy has resulted in a great deal of debt.
Among its deals, it purchased US developer First Wind for $2.4 billion; Atlantic Power Corp's 521MW wind portfolio for $350 million; 930MW of Invenergy projects for $2 billion; and entered a joint venture with Gamesa to develop up to 1GW, focusing on India and Mexico as well as expanding greatly in solar.
SunEdison shares closed at $0.59 in New York on 30 March, down from $1.27 at opening bell on 28 March.