SunEdison, Inc.OTCPK - Limited
Vivint Solar Earnings Raises Concerns For Several Industry Players
EnerTuition • 49 Comments
EnerTuition • 49 Comments
SunEdison Devco Breakeven Quarter?
Husker Investing • 28 Comments
Husker Investing • 28 Comments
Thu, Dec. 8, 2:21 PM
- SunPower's (SPWR -4.7%) new restructuring plan is indicative of worsening solar photovoltaic market fundamentals, Axiom’s Gordon Johnson says.
- The analyst says SPWR thinks the U.S. residential market has “corrected” while he believes the correction seems “far from over," manufacturers continue to expand capacity causing price competition that is driving ASPs to new lows, lower cost targets translate to lower growth given the capital intensity of SPWR's PV projects.
- Johnson has Sell ratings on SunEdison (OTCPK:SUNEQ -5.8%), JA Solar (JASO -4%), Trina Solar (TSL), Yingli Green Energy (YGE -3.1%) and SolarEdge (SEDG -2.1%).
- Morgan Stanley says it remains cautious on the 2017 outlook given limited indications of a PV industry recovery, also noting that SPWR did not provide margin or EBITDA targets and said it would focus on maximizing cash flow and liquidity rather than to growth; the firm rates SPWR at Equal Weight with a $6 price target.
Wed, Dec. 7, 5:57 PM| Wed, Dec. 7, 5:57 PM | 63 Comments
Fri, Nov. 18, 9:55 AM
- TerraForm Power (TERP +4.4%) pops higher at the open after Brookfield Asset Management (BAM +0.2%) affirms a 12.1% active stake in the company, proposes to pay $13/share for a 50%-60% stake and says it is prepared to make an offer for TerraForm Global (GLBL +4%).
- BAM also offers to act as interim sponsor of the TerraForm companies for a period of up to six months.
- BAM, which in June expressed interest in buying SunEdison's (OTCPK:SUNEQ) stake in TERP, said last week it had met with the companies and their advisers to discuss options for a deal.
Thu, Nov. 10, 4:53 PM
- Brookfield Asset Management (NYSE:BAM) met with members of TerraForm Global’s (NASDAQ:GLBL) board this week to discuss the possibility of buying the company as part of a deal to acquire TerraForm Power (NASDAQ:TERP), according to an SEC filing.
- BAM discussed two potential transactions - One would include BAM purchasing all outstanding Class A and Class B shares in TerraForm’s companies, which would stay publicly listed, and BAM would replace bankrupt SunEdison (OTCPK:SUNEQ) as a sponsor of the companies; in the other scenario, BAM would buy the two yieldcos outright for cash.
- BAM and its partners already tried to take over TERP, but there had been no indication of public interest in GLBL.
Fri, Oct. 28, 5:18 PM
- SunEdison (OTCPK:SUNEQ) has asked the U.S. bankruptcy court for more time to sell off assets and work out a strategy for repaying billions of dollars in debt.
- In court papers yesterday, SUNEQ asked to extend its control over bankruptcy by 90 days, giving it exclusive rights to file an exit plan until Feb. 15 and until April 17 to win creditor support.
- SUNEQ says it also needs more time to determine how to deal with $3B in claims Terraform Power (NASDAQ:TERP) and Terraform Global (NASDAQ:GLBL) have asserted against it and its own potential claims against the yieldcos.
- SUNEQ also has placed its Canadian division into bankruptcy, seeking protection from creditors and lawsuits under Canada's CCAA as it says it can no longer fund operations.
Tue, Oct. 25, 7:59 AM
- D.E. Shaw has made a non-binding proposal to replace SunEdison (OTCPK:SUNEQ) as the operating sponsor of yieldco TerraForm Power (NASDAQ:TERP), according to an SEC filing.
- The hedge fund manager has said it could make an offer for SUNE's stake in TERP.
- TERP and TerraForm Global (NASDAQ:GLBL), the two SUNE yieldcos, said in September that they were exploring strategic alternatives, including a sale of their entire business.
Fri, Oct. 21, 10:16 AM
- SunEdison (OTCPK:SUNEQ) hid its toxic financial state while granting hundreds of millions of dollars in benefits to its most powerful lenders before its April bankruptcy, creditors say in a lawsuit that seeks to regain the money.
- In an attempt to put off financial collapse and hide mismanagement, SUNE allegedly gave a “sweetheart deal” to its first- and second-lien creditors, according to the lawsuit filed Thursday as part of the company’s bankruptcy case.
- The creditors allege SUNE did not want to seek out new lenders after already raising $24B in debt over three years; the company instead turned to existing lenders and replaced their unsecured notes with secured debt that would give them a leg up in any bankruptcy, they say.
Wed, Oct. 12, 6:53 PM
- SunEdison (OTCPK:SUNEQ) discloses that the SEC is conducting an investigation into the company..
- SUNE says the notice was accompanied by a subpoena seeking emails and other electronic communications sent or received by current and former directors of the company and of spinoffs TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL).
- SUNE had been the subject of an informal SEC inquiry earlier this year.
Thu, Oct. 6, 3:24 PM
- Formerly bearish Axiom Capital analyst Gordon Johnson upgrades his rating on the solar energy sector (TAN +0.5%) by two notches to Overweight from Underweight, and raises his ratings on Yingli Green Energy (YGE +4.6%), Trina Solar (TSL +1.3%) and JA Solar (JASO +4.5%) to Buy from Sell, as well as SolarCity (SCTY -2.6%) to Hold from Sell.
- A key reason for Johnson's "new-found solar optimism" is China's decision to cut solar subsidies, which could result in ~25 GW of Chinese “pull-in” demand in H1 2017, suggesting a undersupply in the solar market that should push prices higher.
- Johnson believes the stronger demand will cause the prices of all kinds of solar equipment to surge, resulting in higher margins and multiples for many solar companies.
- Also: OTCPK:SUNEQ +63% (see earlier), CSIQ +0.7%, SPWR +0.3%, FSLR -0.3%.
Thu, Oct. 6, 11:57 AM
- SunEdison (OTCPK:SUNEQ +21.8%) is taking steps to work out a reorganization plan without liquidating its controlling stake in its TerraForm Power (TERP +0.3%) yieldco, Bloomberg reports.
- TERP reportedly is talking with SUNE’s creditors to start the process of evaluating its assets as part of a reorganization in which SUNE could keep its shares in TERP and restructure around it.
- The alternative would allow SUNE to hold onto TERP after exiting Chapter 11 and to benefit from its growth, or the company could decide whether to sell its stake after evaluating bids from potential buyers, according to the report.
Mon, Oct. 3, 6:22 PM
- SunEdison (OTCPK:SUNEQ) confirms it is engaged in settlement talks with its two yieldco subsidiaries, TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL), as part of its ongoing bankruptcy case.
- SUNE says while it disagrees with many of the statements made by the yieldcos in their Sept. 25 press releases, a settlement of disputes with the yieldcos is "overwhelmingly in the interests of both sides," and it plans to proceed with settlement discussions while also moving forward with the sale process.
- SUNE also says it is engaged in a collaborative sale process to sell either its ownership interests and other rights in the yieldcos or the entirety of the equity in the yieldcos.
Tue, Sep. 27, 5:45 PM
- TerraForm Global (NASDAQ:GLBL) says it reached agreement with subsidiaries of parent company SunEdison (OTCPK:SUNEQ) allowing the sale of certain assets to an unnamed third party buyer.
- The sale includes a solar farm in India and assets in Uruguay that had been committed to be transferred to GLBL, in deals that were not completed before SUNE filed for bankruptcy in April.
- GLBL says it will receive a portion of the proceeds that does not exceed $10M.
Mon, Sep. 26, 6:05 PM
- Edison International (NYSE:EIX) subsidiary SoCore Energy agrees to acquire equity interests in 22 community solar garden development projects in Minnesota as part of SunEdison's (OTCPK:SUNEQ) bankruptcy proceedings.
- The deal was approved today by the U.S. Bankruptcy Court in New York for a total of as much as $79.8M if all projects are completed.
- SoCore says the projects would provide up to 140 MW of solar generated power to meet the growing demand for renewable energy in Minnesota.
Mon, Sep. 26, 8:22 AM
- SunEdison (OTCPK:SUNEQ) yieldcos TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL) say they have started settlement talks with the parent company, which is in Chapter 11 bankruptcy, over more than $3B of claims against it (I, II).
- The two companies allege that SUNE interfered with their business and breached fiduciary duties, and they had challenges to how SUNE could transfer its controlling B shares in them during or after its bankruptcy.
- GLBL and TERP say they have at least $2B and $1B, respectively, in claims against SUNE.
Wed, Sep. 21, 4:37 PM
- Shares of TerraForm Power (NASDAQ:TERP) spiked into the close for a 4.4% gain following a Bloomberg report that BlackRock (NYSE:BLK) has joined a list of potential buyers for the company.
- BLK, which owned 5.3% of TERP’s class A shares as of June 30, would be joining several investors including Brookfield Asset Management (NYSE:BAM), Appaloosa Management and China's Golden Concord Holdings as possible bidders, according to the report.
- “If investors believe TerraForm can transition to a competently managed company freed of its ties to SunEdison, it would be a natural institutional target amidst the global search for yield,” a Bloomberg analyst says.
- TERP and fellow SunEdison (OTCPK:SUNEQ) yieldco TerraForm Global (NASDAQ:GLBL) said earlier this week that they were seeking to sell their entire businesses or operate independently.
Mon, Sep. 19, 8:55 AM
- TerraForm Power (NASDAQ:TERP) +5.3% and TerraForm Global (NASDAQ:GLBL) +1.4% premarket after the SunEdison (OTCPK:SUNEQ) spinoffs say they are evaluating potential strategic alternatives, including a merger or sale of their entire businesses (I, II).
- The companies say they are open to considering transactions involving a new sponsor, including through negotiation of new sponsorship arrangements or through assumption of SUNE's existing sponsorship agreements.
- SUNE may require bankruptcy court approval on decisions such as how to vote its shares in TERP and GLBL.