SunEdison confidentially files for solar project IPO

SunEdison (SUNE +3.2%) has confidentially filed an S-1 for its anticipated solar project IPO. No details have been given about the IPO's size or proposed valuation.

SunEdison previously said it would sell a 20%-30% stake in a project subsidiary, for now referred to as yieldco, and that the offering could float in Q2 and raise up to $300M for new projects. The company also suggested yieldco would pay a dividend, and have $40M-$60M/year in distributable free cash flow.

SunEdison has already filed for a $250M IPO for its chip wafer unit, known as SunEdison Semiconductor.

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