United States

United States

SunEdison files for bankruptcy

UNITED STATES: Renewables developer SunEdison has filed for voluntary Chapter 11 bankruptcy protection in New York.

SunEdison's bankruptcy filing follows two-year spending spree, including developer First Wind in 2014
SunEdison's bankruptcy filing follows two-year spending spree, including developer First Wind in 2014

The self-described world's largest renewables developer, SunEdison had amassed huge debts after a two-year buying spree of wind and solar.

"Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues," said CEO Ahmad Chatila.

US-based SunEdison has secured $300 million in capital from lien credit holders to keep operating while restructuring.

In the filing, SunEdison listed $20.7 billion in assets and $16.1 billion in liabilities as of 30 September, including its two yieldcos – Terraform Power and Terraform Global – which did not declare bankruptcy.

SunEdison said it expects to sell "non-core" assets.

In 2014, it bought US developer First Wind for $2.4 billion and 930MW of Invenergy wind projects for $2 billion.

The firm also entered a joint venture with Gamesa to develop up to 1GW, focusing on India and Mexico, as well as expanding in solar.

The US Justice Department is investigating the company's accounting practices.

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