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SunEdison implosion could jeopardize Uruguay solar projects, subsidiary says

Bnamericas Published: Wednesday, March 30, 2016
SunEdison implosion could jeopardize Uruguay solar projects, subsidiary says

Citing "a substantial risk that SunEdison will soon seek bankruptcy protection," subsidiary TerraForm Global said that troubles facing the US renewables giant could doom two solar projects currently under construction in Uruguay.

The SunEdison projects in question are the 17.4MW Del Litoral and 57.4MW El Naranjal photovoltaic parks, TerraForm said in a securities filing.

SunEdison had agreed to transfer ownership of both to TerraForm Global – one of two yieldcos (firms set up to own and operate power plants) controlled by SunEdison, along with TerraForm Power – upon completion.

"However, there are currently material amounts of project costs and equity contributions for the Uruguay projects that remain to be contributed by SunEdison, Inc. in order to continue construction of the projects and disbursement of the project finance debt facilities," TerraForm said. "If SunEdison, Inc. does not fund these amounts, the Uruguay projects may not be completed on time or at all and may not be transferred to TerraForm Global."

The Wall Street Journal reported Monday that the US Securities and Exchange Commission (SEC) is investigating SunEdison over allegedly misleading investors in its 3Q15 financial report.

SunEdison, which posted a US$284mn net loss for the third quarter of 2015, said on March 16 of this year that it would delay for a second time the filing of its annual 10-K form to the SEC for full-year 2015.

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