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