Is Global Renewable Energy Developer SunEdison Back To Stay?

Sunedison Solar PV System

, Inc. is a renewable energy developer that was started in the U.S and eventually became global. They develop, build, own, and operate solar power plants and wind energy plants all over the world.

SunEdison’s corporate headquarters are in Maryland Heights, Missouri, and the company’s operational and solar headquarters are in Belmont, California with offices throughout the world. The company also manufactures high purity poly-silicon, mono-crystalline silicon ingots, silicon wafers, solar modules, solar energy systems, and solar module racking systems.

This Huge Solar pv array in Las Vegas was developed by SunEdison Inc

This Huge Solar pv array in Las Vegas was developed by renewable energy developer SunEdison Inc


In May of  2013, the company renamed itself from MEMC Electronic Materials to SunEdison Inc.

Sun tracking solar photo-voltaic arrays follow the sun in India thanks to SunEdison

Sun tracking solar photo-voltaic arrays follow the sun in India thanks to SunEdison – renewable energy develop

The company went through a major expansion  phase between 2013 and 2015 before declaring chapter 11 and heading into bankruptcy protection  in 2016 with $11 billion in debt.

SunEdison and Gamesa developed this India Wind Energy Farm

SunEdison and Gamesa developed this India Wind Energy Farm

The good news is that SunEdison is back in business and out of chapter 11! They are smaller and leaner and hopefully better managed this time. The world needs such solar energy developers if we are ever going to be able to move away from fossil fuels.

We found a video made by SunEdison about their strategy from 4 years ago.

As you can seem the old SunEdison took on some fantastic projects around the world and somehow over stretched themselves.  Let’s hope that this time they can expand in a way that let’s them stay in business as the world needs great leadership in the war against fossil fuels. Here is the press release from the company.

—————————————————————————————————————————–

The company announced that its Plan of Reorganization (the Plan) became effective on December 29th, 2917 and that the Company has emerged from Chapter 11 as a newly reorganized, privately held company. As previously announced, the Bankruptcy Court for the Southern District of New York confirmed the Plan on July 28, 2017.

Following over $2.3 billion of gross asset sales throughout its chapter 11 cases  including the sale of the Company’s most valuable asset, the”Yieldcos, Inc. and , Inc.,  SunEdison emerges with a significantly smaller footprint and will continue to focus on monetizing its remaining assets.

As part of the Plan negotiation process, the Company facilitated key settlements with its diverse constituent groups.  To that end, John S. Dubel, the Company’s Chief Executive Officer and Chief Restructuring Officer, commented that,

We sincerely appreciate the support and cooperation of our financial stakeholders, advisors, creditors, and other parties involved in the Company’s Chapter 11 process, including our first and second lien lenders, the official committee of unsecured creditors, and the Yieldcos.

Mr. Dubel also noted that,

We also want to thank the Company’s outgoing board of directors for their invaluable contributions and guidance relating to the Company’s restructuring.

Richard Katz will serve as Chairman and Chief Executive Officer of the reorganized SunEdison.

 

About Gordon Smith
Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.

Leave a Reply

Your email address will not be published.