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.
***
UPCOMING BNAMERICAS EVENT
5TH Mexico Infrastructure Summit
Click here to see the agenda and speakers
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Electric Power (Uruguay)
Roundup: Green transport regulations, thermal plant power market access
Electric power news from Uruguay and Argentina.
Challenger inks Uruguay offshore contract
In related news from oil and gas importer Uruguay, government officials inked two hydrogen MOUs.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Electric Power (Uruguay)
Get critical information about thousands of Electric Power projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Renovation of the Rincón de Baygorria hydroelectric plant (Río Negro)
- Current stage:
- Updated:
3 months ago
- Project: UTE photovoltaic park
- Current stage:
- Updated:
5 months ago
- Project: Arapey Photovoltaic Park
- Current stage:
- Updated:
5 months ago
- Project: Tambor Green Hydrogen Hub
- Current stage:
- Updated:
6 months ago
- Project: Paso de los Toros cellulose and power plant
- Current stage:
- Updated:
6 months ago
- Project: E-methanol plant in Paysandú (eFuels Project)
- Current stage:
- Updated:
9 months ago
- Project: Modernization and Improvement of the Salto Grande Hydroelectric Complex
- Current stage:
- Updated:
9 months ago
- Project: Modernization and Improvement of the Salto Grande Hydroelectric Complex (Phase III)
- Current stage:
- Updated:
9 months ago
- Project: Modernization and Improvement of the Salto Grande Hydroelectric Complex (Stage II B)
- Current stage:
- Updated:
9 months ago
- Project: Kiyú wind farm
- Current stage:
- Updated:
2 years ago
Other companies in: Electric Power (Uruguay)
Get critical information about thousands of Electric Power companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Volfer Ingeniería
- Company: EcoMetrix Incorporated
- Company: Vestas Turbinas Eólicas De Uruguay S.A.  (Vestas Uruguay)
-
Montevideo-based Vestas Turbinas Eólicas De Uruguay S.A. is the local subsidiary of Danish company Vestas Wind Systems. Directly controlled by Vestas Mediterranean, the company ...
- Company: Areaflin S.A.  (Areaflin)
- Company: Lafemir S.A.  (Tecnogroup)
- Company: Administración Nacional de Usinas y Trasmisiones Eléctricas  (UTE)
-
Uruguay's state-run power firm Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE) is engaged in the generation, distribution and sale of electric power. The firm ...
- Company: Unidad Reguladora de Servicios de Energía y Agua  (Ursea Uruguay)
-
Unidad Reguladora de Servicios de Energía y Agua (Ursea) is an Uruguayan stet agency based in Montevideo, which was created in 2002 to regulate, inspect and advise the energy, f...
- Company: Ministerio de Industria Energía y Minería de la República Oriental del Uruguay  (MIEM Uruguay)
-
Uruguay's industry, energy and mining ministry is responsible for proposing policies for the mining, energy, industrial and telecommunications sectors in order to transform and ...
- Company: Palmatir S.A.  (Palmatir)
-
Uruguayan company Palmatir S.A. was created to design, build, operate and maintain the 50MW Peralto I wind farm in Uruguay's Tacuarembó department. The plant consists of 25, 2MW...