MARYLAND HEIGHTS, Mo., April 22, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE) (the "Company") today announced that the U.S. Bankruptcy Court for the Southern District of New York has granted the relief requested by the Company in key first day motions related to ordinary course business activities. This includes the continuation of employee wages and benefits, work on ongoing projects, and certain vendor payments. Some of these motions were granted on an interim basis and the Bankruptcy Court has scheduled a final hearing for May 10, 2016.
The Court also granted interim approval for the Company to access up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders in support of continuing business operations.
The motions were filed yesterday in conjunction with voluntary petitions for reorganization filed by SunEdison and certain of its domestic and international subsidiaries under Chapter 11 of the U.S. Bankruptcy Code.
Additional information on the restructuring can be found at www.restructuringupdates.com or by calling the Company's toll-free restructuring information line at (855) 388-4575 (or, if you are calling from outside the U.S. or Canada, at +1 (646) 795-6966). Information about the claims process will also be available at https://cases.primeclerk.com/sunedison.
About SunEdison
SunEdison develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. The company is one of the leading renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices around the world.
Forward-Looking Statements
This press release contains forward-looking statements with respect to our Chapter 11 filing and related matters. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Important factors that could cause our actual results to differ materially from those anticipated in the forward-looking statements include, among other things: (i) the ability of SunEdison to develop, prosecute, confirm and consummate the Chapter 11 plan of reorganization; (ii) the potential adverse effect of the Chapter 11 filing on SunEdison's liquidity and operations and the risks associated with operating businesses under Chapter 11 protection; (iii) the ability of SunEdison to comply with the terms of the DIP financing facility; (iv) SunEdison's ability to obtain additional financing; (v) SunEdison's ability to retain key management and employees, (vi) customer response to the Chapter 11 filing; and (vii) the risk factors or uncertainties listed from time to time in SunEdison's filings with the Securities and Exchange Commission and with the U.S. Bankruptcy Court in connection with the company's Chapter 11 filing. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.
Forward-looking statements speak only as of the date of this release. We undertake no obligation to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo., April 21, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE) (the "Company") today announced that it has commenced a process to restructure its balance sheet and position the Company for the future. To facilitate this restructuring, SunEdison and certain of its domestic and international subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.
SunEdison's publicly-traded yieldcos, TerraForm Power (NASDAQ: TERP) and TerraForm Global (NASDAQ: GLBL), are not part of the filing.
"Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues," said Ahmad Chatila, SunEdison chief executive officer. "The court process will allow us to right-size our balance sheet and reduce our debt, providing the opportunity to support the business going forward while focusing on our core strengths. It also will facilitate our continued work towards transforming the Company into a more streamlined and efficient operator, shedding non-core assets as well as taking other steps to help us get the most value out of our technological and intellectual property. As a result of this process, we expect that SunEdison will be in an even better position over the long term to utilize our capabilities in the renewable energy sector in service of our customers, business partners, and employees."
SunEdison has secured commitments for new capital totaling up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders. Subject to Court approval, these financial resources will be made available to the Company to support its continuing business operations, minimize disruption to its worldwide projects and partnerships, and make necessary operational changes.
The new financing will support day-to-day operations during the reorganization, including:
SunEdison has made customary filings, including first day motions, with the Court, which, if granted, will help ensure a smooth transition into chapter 11 without business disruption. The motions are expected to be addressed by the Court promptly following the filing, and include, among other things, a request for approval of the debtor-in-possession financing, as well as requests for authority to make wage and salary payments, continue various benefits for employees, honor certain customer programs, and other relief in order to continue the day-to-day operations of SunEdison.
Additional information on the restructuring can be found at www.restructuringupdates.com or by calling the Company's toll-free restructuring information line at (855) 388-4575 (or, if you are calling from outside the U.S. or Canada, at +1 (646) 795-6966). Information about the claims process will also be available at https://cases.primeclerk.com/sunedison.
SunEdison has hired Rothschild Inc. and McKinsey Recovery & Transformation Services U.S., LLC as advisors in connection with the Company's restructuring. Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal advisor.
Note for Global Editors: About Chapter 11
SunEdison has filed its restructuring under chapter 11 of the U.S. Bankruptcy Code. A bankruptcy filing under chapter 11 (a chapter of title 11 of the United States Code) permits SunEdison's reorganization under court supervision while the Company continues to operate in the ordinary course, consistent with the agreement reached with its debtor-in-possession lenders, in order to maximize value for all stakeholders. SunEdison's management will remain in control of its day-to-day business operations and its assets will be subject to the court's jurisdiction.
About SunEdison
SunEdison develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. The company is one of the leading renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices around the world.
Forward-Looking Statements
This press release contains forward-looking statements with respect to our Chapter 11 filing and related matters. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Important factors that could cause our actual results to differ materially from those anticipated in the forward-looking statements include, among other things: (i) the ability of SunEdison to develop, prosecute, confirm and consummate the Chapter 11 plan of reorganization; (ii) the potential adverse effect of the Chapter 11 filing on SunEdison's liquidity and operations and the risks associated with operating businesses under Chapter 11 protection; (iii) the ability of SunEdison to comply with the terms of the DIP financing facility; (iv) SunEdison's ability to obtain additional financing; (v) SunEdison's ability to retain key management and employees, (vi) customer response to the Chapter 11 filing; and (vii) the risk factors or uncertainties listed from time to time in SunEdison's filings with the Securities and Exchange Commission and with the U.S. Bankruptcy Court in connection with the company's Chapter 11 filing. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.
Forward-looking statements speak only as of the date of this release. We undertake no obligation to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo., March 16, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, announced today that it is delaying the filing of its Annual Report on Form 10-K for the year ended December 31, 2015 beyond the extended due date of March 15, 2016.
The scope of work required to finalize the Company's financial statements included in the 2015 Annual Report on Form 10-K has expanded due to the identification by management of material weaknesses in its internal controls over financial reporting, primarily resulting from deficient information technology controls in connection with newly implemented systems. Because of these material weaknesses, additional procedures are necessary for management to complete the Company's annual financial statements and related disclosures, and for the Company's independent registered accounting firm, KPMG LLP, to finalize its audits of the Company's annual financial statements and the effectiveness of internal controls over financial reporting as of December 31, 2015. In addition, the investigation by the Audit Committee, previously disclosed by the Company on Form 12b-25 filed with the Securities and Exchange Commission on February 29, 2016, concerning the accuracy of the Company's anticipated financial position previously disclosed to the Company's board of directors, has not yet been finalized.
To date, the additional procedures performed as a result of the material weaknesses identified and the investigation by the Audit Committee have not resulted in the identification of any material misstatements or restatements of the Company's audited or unaudited consolidated financial statements or disclosures for any period previously reported by the Company.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.SunEdison.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it has described in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo., March 11, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that Ilan Daskal has been appointed chief financial officer designee and executive vice president, effective upon his start with the company, no later than April 4, 2016. Brian Wuebbels will remain SunEdison's chief financial officer until Daskal and SunEdison agree to remove the designee title. Wuebbels will then leave his position as SunEdison's chief financial officer to focus his fulltime efforts as the president and chief executive officer of TerraForm Power and TerraForm Global.
"SunEdison is excited to bring Ilan on board as our chief financial officer designee," said Ahmad Chatila, SunEdison's chief executive officer. "Ilan brings to us a deep, successful broad-based finance track record. As we navigate through the challenges faced by the company, his experience will be invaluable. We thank Brian for his service as SunEdison's chief financial officer and wish him every success as he moves fulltime to TerraForm Power and TerraForm Global."
"I look forward to focusing my full time efforts to drive shareholder value at TerraForm Power and TerraForm Global," said Brian Wuebbels, TerraForm Power's and TerraForm Global's chief executive officer. "Despite the current challenges in the yieldco space, the team and I believe there is significant value in the companies given their geographic diversity and balanced mix of contracted solar and wind power plants."
"I am thrilled to join Ahmad and the team at SunEdison," said Ilan Daskal, SunEdison's newly appointed chief financial officer designee. "I am excited about the long-term prospects of the company and the renewable energy industry."
Daskal, 50, is presently the interim chief financial officer of Aricent, a product engineering services company and a board member and chairman of the audit committee of Ixia, a leading provider of network testing, visibility, and security solutions. Prior to his current role, he acted as executive vice president and chief financial officer of Cepheid, a molecular diagnostic company. From 2008 to 2015, Daskal was the executive vice president and chief financial officer at International Rectifier Corporation, a leader in power management semiconductor technology, which was acquired by Infineon for $3 billion in 2015. Prior to joining International Rectifier, from 2001 to 2008 Daskal worked at Infineon Technologies in various capacities, most recently as the vice president, finance and business administration, communications division, North America, in addition to earlier positions as chief financial officer at both Savan Communications Ltd. and Smartlink Ltd.
Mr. Daskal holds a Bachelor of Business degree in Accounting from Tel-Aviv College of Management, Israel and a Master of Science degree in Finance from the City University of New York.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.SunEdison.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo. and BETHESDA, Md., March 4, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, its holding company SunEdison Holdings Corporation, and TerraForm Power, Inc. (Nasdaq: TERP), an owner and operator of clean energy power plants, today announced that they have entered into a settlement agreement with the shareholders of Latin America Power Holding, BV, that resolves all of the disputes among the parties regarding the termination of the acquisition of Latin America Power by SunEdison.
The parties have resolved the case on mutually acceptable terms. The parties have agreed that the arbitration proceeding between the parties will be terminated upon final payment, the related action filed in New York state court will be dismissed without prejudice and the temporary restraining order issued in that action will be vacated immediately. The parties have agreed that the acquisition of Latin America Power by SunEdison will not be completed.
The financial terms of the settlement include total payment of $28.5 million to be made by SunEdison, Inc. and/or SunEdison Holdings Corporation. The settlement imposes no payment obligations on TerraForm Power. None of the parties has admitted to any wrongdoing or liability with respect to the claims asserted in the arbitration and New York state court action, and the parties have granted each other full releases subject to the fulfillment of SunEdison's payment obligations under the settlement agreement.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About TerraForm Power
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: www.terraformpower.com.
SOURCE SunEdison, Inc.
ANNAPOLIS, Md., March 3, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, and the Maryland Climate Coalition, today released poll results showing that Maryland residents overwhelmingly support legislation before the General Assembly that would expand clean energy and clean energy jobs in the state. The Clean Energy Jobs Act (SB 921/HB 1106) raises Maryland's clean energy standard and requires the state to generate 25 percent of electricity from clean sources by 2020. Additionally, the act sets aside millions of dollars for investment in Maryland's clean energy workforce and job training programs. The announcement comes shortly before the bill's first hearing in the House Economic Matters Committee where solar workers, business leaders, health and civic groups will testify in support of the bill.
"Marylanders clearly recognize that our future lies in clean energy. The Clean Energy Jobs Act is not only a win for our economy and environment, it's the type of policy that Maryland voters overwhelmingly want," said Delegate Bill Frick, lead House sponsor of the bill.
The poll results released today, conducted by the non-partisan, independent firm OpinionWorks, confirmed that the majority of Maryland voters back the policy:
"This poll confirms broad and growing public support for clean energy policies that also expand career opportunities for Marylanders," said Senator Catherine Pugh, lead Senate sponsor of the bill. "New job training investments will provide new pathways to clean energy careers, diversifying our workforce along with our economy."
"Once voters understood that clean energy is cost competitive with fossil fuels, 77 percent said they were in favor of policies to quickly adopt more clean energy in Maryland," said Melanie Santiago-Mosier, SunEdison's director of Government Affairs. "In addition, the Clean Energy Jobs Act will create thousands of new jobs in Maryland's clean energy sector. We're excited to find that the overwhelming majority of Maryland's voters support clean energy, clean energy jobs, and the bill."
The passage of the act is expected to grow Maryland's solar energy market by an additional 250-300 megawatts, which is enough to power more than 26,000 Maryland homes a year. The act also creates demand for approximately 1,000 megawatts of other types of renewable energy like wind.
According to the Solar Foundation, there are approximately 4,300 solar jobs in Maryland today. By increasing demand for solar energy, the Clean Energy Jobs Act may create 1,000 new jobs in solar per year and more than 4,600 new jobs in wind energy.
SunEdison and the Maryland Climate Coalition encourage the Maryland voters to contact their local Senator and Delegates and voice their support for the Clean Energy Jobs Act. Visit http://mdelect.net/ to find out how to contact your local legislator.
View a summary of the full poll results at: http://marylandclimatecoalition.org/wp-content/uploads/2016/03/Climate-Poll-Fact-Sheet-3-2-161.pdf
About The Clean Energy Jobs Act
The Clean Energy Jobs Act expands on a current state law called the Renewable Portfolio Standard, or RPS. The RPS requires that Maryland electricity providers purchase a certain amount of renewable energy each year for their customers. The amount of renewable energy increases over time, and there is a special provision for solar. Currently, the state's electricity providers must source 20 percent of their energy from renewables like wind by 2022, and 2 percent from solar by 2020. The Clean Energy Jobs Act would increase this amount, to 25 percent from renewables by 2020, and 2.5 percent from solar by the same year. In addition, it provides more pathways to clean energy industry by including funding to train more Marylanders for careers in clean energy and bolster minority and women-owned businesses within the clean energy economy.
About the Survey
The Maryland Statewide Registered Voter Poll surveyed Maryland registered voters to measure attitudes. A total of 594 voters responded to the survey, which was conducted between February 19 and 26, 2016.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About the Maryland Climate Coalition
The Maryland Climate Coalition brings together environmental, faith, health, labor, and civic organizations to advance clean energy and climate policies in Maryland. For more information about the Maryland Climate Coalition, visit http://www.marylandclimatecoalition.org.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo., March 2, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has suspended payment of quarterly dividends on the Company's 6.75% Series A Perpetual Convertible Preferred Stock. Dividends on the Perpetual Convertible Preferred Stock are payable in cash or common stock (with a floor price of $7.34) and suspended dividends will accumulate in arrears. The Company's Board of Directors intends to reassess its dividend policy on an ongoing basis.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.SunEdison.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
SOURCE SunEdison
MARYLAND HEIGHTS, Mo., Feb. 25, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, issued a statement following today's ruling from the Court of Chancery in the State of Delaware denying Appaloosa Management LP's request for a preliminary injunction with regard to the previously announced amended agreements under which TerraForm will purchase certain assets from SunEdison in connection with SunEdison's acquisition of Vivint Solar, Inc. (NASDAQ: VSLR).
"We are gratified that the court denied the injunction and now we look ahead to continuing to navigate current market conditions."
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
BELMONT, Calif., Feb. 23, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced it has signed two 20-year power purchase agreements with utility company Southern California Edison for 2.7 megawatts DC of solar.
Southern California Edison is exploring how clean energy resources like wind and solar could defer or eliminate the need to build a new gas power plant in Orange County. The closure of nearby ocean-cooled power plants, including the San Onofre nuclear power plant, has impacted Southern California's electricity supply, and the utility is eager to find cost effective, clean energy alternatives to support growing demand.
"We know that air quality is a big concern for residents in the area, but so is getting reliable electricity to a growing, economically important region. SunEdison can help," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "Solar is a great way for utilities to boost grid reliability without emitting greenhouse gases. Solar is cost effective, quick-to-build, and can easily scale. It's great to see Southern California Edison looking after the people it serves."
With SunEdison's solar power purchase agreement, the utility will enjoy the benefits of solar energy without any up-front cost. SunEdison installs, owns, and operates each system while the utility enjoys low-cost, clean solar electricity.
SunEdison intends to build the systems using a combination of parking canopies and rooftop space. Solar parking canopies provide shade for parked cars while generating cost-effective, clean solar energy.
These solar systems further help the utility meet California's recently passed goal to produce half its electricity from renewables by 2030.
The solar systems are expected to generate enough energy to power 640 California homes per year. The systems should help avoid the emission of more than 50 million pounds of carbon dioxide over 20 years—the equivalent of taking around 5,000 cars off the road.
SunEdison intends to complete the solar systems pending approval of the contracts by California's Public Utility Commission. Operation and maintenance of the solar systems will be performed by SunEdison Services, which provides 24/7 global asset management, monitoring and reporting services.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo., Feb. 18, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today provided an update on its previously articulated strategy to refocus its Solar Materials operations on asset-light proprietary silicon production technologies via partnerships and joint ventures designed to enhance profitability while preserving high efficiency, cost effective solar panels supply to its downstream solar development platform.
Towards this goal, SunEdison is selling its Kuching, Malaysia silicon wafer production facility; plans to close its Pasadena, Texas polysilicon production facility; will refocus its Portland, Oregon operations into a cost effective R&D and technology demonstration center; and said its SMP joint venture is on track to meet key polysilicon production and cost targets.
"We are moving forward on several fronts with our asset-light strategy for the upstream solar materials business," said Ahmad R. Chatila, SunEdison's chief executive officer. "We believe our actions to re-engineer this business will maximize the value of our world-leading silicon production technologies, enabling SunEdison's long term downstream growth and curtailing headwinds caused by trade actions and the commoditization of certain products."
As a result of these actions, the company expects to report a total of $266 million in non-cash impairment charges and a total of $171 million in other restructuring charges in its fiscal 2015 fourth quarter financial results. It also expects to report approximately $10 million to $13 million in other restructuring charges in fiscal 2016. Further details of these charges can be found in the company's Form 8-K filed with the SEC today.
Divesting commoditized operations
SunEdison has signed a definitive agreement to sell its silicon wafer manufacturing plant in Kuching, Malaysia to China-based LONGi Silicon Materials Corporation.
Silicon wafer manufacturing is largely performed by global manufacturers like LONGi, typically as part of a vertically integrated, high-volume business model. LONGi will operate the facility once it assumes ownership. The sale is expected to close in March 2016, subject to customary conditions and regulatory approvals.
As part of the transaction, SunEdison has secured a multi-year supply agreement for up to 3-gigawatts of high-efficiency monocrystalline solar panels from a LONGi subsidiary, subject to certain conditions. This agreement provides SunEdison with security of supply and cost effective solar panels to fuel SunEdison's global development engine. SunEdison will also supply high-purity polysilicon produced by its proprietary high pressure fluidized bed reactor (HP-FBR) process in SMP, its joint venture facility in Korea, to LONGi.
The sale of the facility will result in one-time impairment and restructuring charges of $35 million that will be reflected in SunEdison's fourth quarter financial results.
Shifting focus to sustainable operations and production technologies
SunEdison also said that its board of directors on February 16, 2016 decided to permanently close the company's Pasadena, Texas polysilicon manufacturing plant. This action was taken in part as a consequence of a punitive Chinese trade action. China has imposed a 53.6 percent tariff on SunEdison's polysilicon, pricing the American made polysilicon out of the market thereby preventing SunEdison from running the plant that it has operated for more than 20 years.
Polysilicon production has been terminated and seed production will end by the third quarter of 2016. Approximately 180 jobs are expected to be affected by the closure, subject to SunEdison's collective bargaining obligations.
The closure will result in one-time impairment and restructuring charges of $363 million that will be reflected in SunEdison's fourth quarter financial results, and approximately $10 million to $13 million in restructuring charges that are expected to be reported in fiscal year 2016.
SunEdison has also decided to refocus its activities at its Portland, Oregon facility. The facility has been consolidated into a cost effective R&D, technology demonstration and training center for future licensees of the company's continuous Czochralski (CCz) silicon crystal ingot manufacturing technology.
As a result, SunEdison is halting high-volume production of silicon crystal ingot at the facility which is expected to reduce operating expenses to optimize cash utilization. Approximately 40 jobs are affected by the changes. The changes will result in one-time impairment and restructuring charges of $39 million that will be reflected in SunEdison's fourth quarter financial results.
In addition, SunEdison said that polysilicon production at SMP, its joint venture facility in Korea, is on track to meet its production and cost targets and is ramping up towards full operating capacity. SMP is a state-of-the-art facility for both silane and polysilicon production. SMP leverages SunEdison's HP-FBR technology to produce high purity, electronic grade polysilicon 10 times more efficiently than other polysilicon manufacturing technologies. This breakthrough reduces the cost of the raw material needed to produce solar panels to less than $0.04 per watt peak, approximately a 2x improvement over other existing technologies.
"This success proves that HP-FBR technology is ready to become the new standard for high quality polysilicon production," said Dave Ranhoff, SunEdison's president of Solar Materials. "With our HP-FBR and CCz crystal ingot technologies, we're ideally positioned to lead in the next generation of solar panels and low cost solar energy."
SunEdison plans to make its silicon production technologies broadly available through joint venture and licensing agreements.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
BELMONT, Calif., Feb. 9, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE:SUNE), the largest global renewable energy development company, today announced it has signed a solar power purchase agreement with Stockton East Water District in Northern California. SunEdison plans to install 2.2 megawatts of high-performance SunEdison solar panels on the water district's property. By going solar, the district expects to save more than $9.5 million on energy costs over the next 20 years and 20 million gallons of water annually.
"A SunEdison solar system is a fast and effective way for organizations to reduce their energy costs," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "And it's a great way to save water too – on average it takes more than four gallons of water to generate each kilowatt-hour of electricity in California. By going solar, we're able to reduce water use by 99 percent, saving approximately 20 million gallons of water each year. SunEdison has installed solar at more than 1,000 locations in the U.S., saving more than 20 billion gallons of water in the process."
With SunEdison's solar power purchase agreement, the water district will enjoy the benefits of solar energy without any up-front cost. SunEdison installs, owns, and operates each system while the district buys the solar electricity at lower rates than offered by their local utility.
"With no upfront costs and savings starting from day one, we couldn't be happier with SunEdison,'' said Scot Moody, Stockton East Water District's general manager. "We're expecting to save more than $9.5 million with this project. This is a great example of how we're looking at new initiatives to save money and be good stewards of the environment."
The solar systems are expected to generate enough energy to offset approximately 50 percent of the electricity used at the facility. That same amount of electricity can power 650 Californian homes a year. The system also avoids the emission of more than 50 million pounds of carbon dioxide over 20 years—the equivalent of taking around 5,000 cars off the road.
SunEdison intends to complete the solar system in 2016. Operation and maintenance of the solar systems will be performed by SunEdison Services, which provides 24/7 global asset management, monitoring and reporting services.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo., Jan. 28, 2016 /PRNewswire/ -- SunEdison's President and Chief Executive Officer Ahmad R. Chatila issued the following statement today about the California Public Utility Commission's decision to extend net metering for California's solar customers:
"We thank California's policymakers for today's decision on net metering and applaud the integrity of all parties who contributed to these proceedings. We firmly believe that today's decision is an important step forward and will help build a stronger, more robust electricity grid which delivers clean, cost effective energy to all of the citizens of California."
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
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SOURCE SunEdison, Inc.
NEW YORK, Jan. 25, 2016 /PRNewswire/ -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Eastern District of Missouri on behalf of investors who purchased SunEdison, Inc. (NYSE: SUNE) securities between June 16, 2015 and October 6, 2015.
Click here to learn about the case: http://docs.wongesq.com/SUNE-Info-Request-Form-1036. There is no cost or obligation to you.
The complaint alleges that, among other allegations, SunEdison did not have the financial resources necessary to maintain its high growth and sustain its dividend. On October 5, 2015, the Company disclosed it was laying off 15% of its workforce. Upon this news, shares of SunEdison have declined sharply in value over the course of several disclosures regarding the Company's financial condition, thereby injuring investors.
If you suffered a loss in SunEdison you have until February 1, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email vw@wongesq.com, by telephone at 212.425.1140, or visit http://docs.wongesq.com/SUNE-Info-Request-Form-1036.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com
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SOURCE The Law Offices of Vincent Wong
MARYLAND HEIGHTS, Mo., Jan. 19, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has completed the second phase of its transaction to acquire a 33 percent ownership interest in a 567 megawatt DC solar portfolio from Dominion (NYSE: D).
SunEdison acquired a 33 percent interest in the remaining 231 megawatt portion of Dominion's 567 megawatt portfolio of solar power plants for $117 million.
At the same time, Terra Nova Renewable Partners, the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, acquired SunEdison's interest in the transaction from SunEdison for the same price. Terra Nova now owns the 33 percent interest in Dominion's 567 megawatt DC portfolio of solar power plants acquired through the consummation of both phases of the transaction.
Terra Nova, through an indirect subsidiary, has the option to buy the remaining 67 percent of the portfolio when certain trigger events occur. This completes the two phases of the Dominion transaction announced in September 2015.
SunEdison has the option to repurchase the projects from the partnership for a period of five years and may assign TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, call rights to the projects should they be repurchased. Any projects not repurchased by SunEdison would continue to be owned by the partnership.
"We are pleased that the Terra Nova partnership has invested in Dominion's diverse, domestic portfolio of solar assets," said Brian Wuebbels, SunEdison's chief financial officer. "With Terra Nova acquiring the assets, we retain an option to acquire high quality contracted cash flows in the future."
The 567 megawatt solar portfolio consists of 24 projects which are located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah. This second phase of the transaction is for nine of those projects. The solar portfolio's total power output has been contracted with industry leading utilities and power offtakers and has a weighted remaining contract term of 19.8 years.
Asset |
Megawatt Capacity (DC) |
Status |
Pavant |
62.3 |
Under construction |
Cottonwood Carport |
1.1 |
Operating |
Cottonwood Corcoran |
14.7 |
Operating |
Cottonwood Goose Lake |
16.9 |
Operating |
Richland |
33.7 |
Under construction |
Alamo |
23.7 |
Operating |
Maricopa West |
28.2 |
Under construction |
Catalina 2 |
24.3 |
Under construction |
Imperial Valley |
25.9 |
Operating |
The Terra Nova partnership was announced during September 2015. Under the partnership commitment, J.P. Morgan Asset Management's clients are expected to provide equity to purchase renewable energy projects developed or purchased by SunEdison. Remaining project costs are expected to be funded with a combination of limited recourse commercial bank debt and/or tax equity.
KeyBanc Capital Markets and Santander Bank served as advisors to SunEdison. CohnReznick Capital Markets served as financial advisor and Milbank, Tweed, Hadley & McCloy LLP served as legal advisor to J.P. Morgan Asset Management.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $87 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of September 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets' broad capabilities provide many of the world's most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
RICHMOND, Va., Jan. 19, 2016 /PRNewswire/ -- Dominion (NYSE: D) announced today that it has closed on the second and final phase of its previously announced sale of a 33 percent ownership interest in 425 megawatts (AC) of solar generating capacity to SunEdison, Inc. (NYSE: SUNE). Dominion sold the ownership interest in 172 megawatts (AC) of solar generating capacity at nine sites in California, Utah and Georgia for a sales price of approximately $120 million, subject to certain adjustments.
The first phase of the sale – a 33 percent interest in 253 megawatts (AC) – closed in December 2015 for approximately $180 million.
Dominion expects to pay down debt with the cash proceeds.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. A number of factors that could cause actual results to differ from those in the forward-looking statements are identified in Dominion's filings with the U.S. Securities and Exchange Commission. You are referred to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
BELMONT, Calif., Jan. 14, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced it has signed solar power purchase agreements with 25 California elementary, middle, and high schools. SunEdison plans to install high-performance solar parking canopies at each of the campuses. By switching to solar, the schools expect to save more than $30 million on energy costs over the next 20 years.
The five unified school districts saving money with the new solar systems are Dixon, Downey, Duarte, Livermore, and Newman Crows Landing. The districts signed 20-year power purchase agreements with SunEdison for more than 7.4 megawatts of solar, installed as parking canopies in each school's parking lot. Solar parking canopies provide shade for parked cars while generating cost-effective, clean solar energy.
"Installing a SunEdison solar system is one of the most immediate and effective means for schools to control their energy costs," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "Using parking lot space for solar solves two problems: it provides much-needed shade for cars from the scorching California sun, and it lowers electricity costs - typically a school's second largest expense. We've helped more than 150 schools become not only more self-sufficient, but also enabled them to free up funds to maintain their buildings and ensure they continue to be safe and positive learning environments."
With SunEdison's solar power purchase agreements, these schools will enjoy the benefits of solar energy without any up-front cost. SunEdison installs, owns, and operates each system while the schools buy the solar electricity at lower rates than offered by their local utility.
"This project shows how districts can become more self-sufficient financially,'' said Dr. Allan Mucerino, Duarte Unified School District's Superintendent. "And from an educational perspective, our students can learn how consumers make decisions about purchasing energy. I'm excited that we're able to provide a hands-on experience for our students, with these solar systems we are teaching our students about one of the fastest growing sectors of the economy."
California joint powers authority SPURR helped the districts arrange the solar power agreements with SunEdison. SPURR helps its clients get a high-performance solar system from a reputable solar company through its competitive procurement program.
"These school districts are getting the best value by choosing SunEdison," said Michael Rochman, SPURR's managing director. "SunEdison's solar solutions are far superior to anything else we have seen in the marketplace, and they have the track record to ensure these systems are maintained their entire life."
The solar systems are expected to generate enough energy to offset more than half of all electricity used at each school. That same amount of electricity can power 1,700 Californian homes a year. The systems also avoid more than 136 million pounds of carbon dioxide emissions over 20 years—the same amount sequestered by 51,000 acres of U.S. forest a year. That's an area more than one and a half times the size of San Francisco.
SunEdison intends to complete the solar parking canopies in 2016. SunEdison Services, which manages, monitors, and reports energy output for SunEdison's global assets, will operate and maintain the solar system.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
BELMONT, Calif., Jan. 8, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has signed a 20-year power purchase agreement with Watervliet, New York for close to 1 megawatt DC of solar power. The solar power will be used in all city-owned buildings, including City Hall, the fire station and the library. The agreement with SunEdison is expected to save Watervliet taxpayers more than $1 million in energy costs over the next 20 years.
"SunEdison solar power is a great way for cities across the U.S. to reduce their exposure to rising utility rates," said Steve Raeder, SunEdison's regional general manager of its Eastern U.S. solar business. "We're delighted to work with Watervliet to help them save money while advancing their sustainability initiatives. And, because we've installed hundreds of solar systems for municipal customers across America, we know how to do it quickly and cost effectively."
"As Mayor, I make it a priority to pursue all efficient, safe and affordable measures to save taxpayers money—now and into the future," said City of Watervliet Mayor Michael Manning. "With the rising cost of energy, the agreement with SunEdison is expected to save the city more than $1 million. It is a perfect example of looking outside the box and creating new initiatives that will save residents money and make us good stewards of our environment."
SunEdison will supply the city with solar power through a state-wide program in New York called "remote net metering" which allows customers to enjoy the savings and environmental benefits of solar even if they are unable install a system on site. The solar system is built in the same region as the customer, and the customer receives the solar farm's energy output as a credit on their monthly electricity bill.
The City of Watervliet was advised by Solomon Energy, a company that works with municipalities to identify opportunities for low or no-cost solar power to reduce and stabilize energy costs and to avoid future budgetary problems due to an extreme increase in energy cost.
"With no capital cost to the City and savings starting from day one, this solar power purchase agreement is a win-win for Watervliet," said Jeffrey Conrad, President of Solomon Energy. "The remote net metering agreement could save the City more than $1 million, money that they can use on more important things like public safety and economic investment."
The solar power comes from an 868 kilowatt DC solar system which is expected to generate enough clean electricity each year to offset more than 83 percent of the city's electricity usage for city-owned buildings. The system should also reduce carbon dioxide emissions by more than 11 million pounds over the 20-year period—the equivalent to the annual amount of carbon sequestered by more than 4,000 acres of U.S. forest.
SunEdison intends to start and complete construction for the project in 2016. Operation and maintenance of the solar system will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
MARYLAND HEIGHTS, Mo., Jan. 7, 2016 /PRNewswire/ -- SunEdison, Inc. (the "Company") (NYSE: SUNE) announced today the pricing of $725 million of Second Lien Secured Term Loans (the "Second Lien Facilities") and also that it has entered into a series of exchange agreements with certain holders (the "holders") of its Convertible Senior Notes due 2018, 2020, 2022 and 2025 and its Perpetual Convertible Preferred Stock (the "2018 Notes," "2020 Notes," "2022 Notes," "2025 Notes," and "Preferred Stock," respectively), under which such holders have agreed with the Company to certain exchange transactions as described below ("the Exchange Transactions"). The Exchange Transactions and funding of the amounts under the Second Lien Facilities (collectively the "Transactions") are expected to close on January 11, 2015, subject to customary closing conditions. The Company expects to receive $725 million in gross cash proceeds from the Second Lien Facilities. The proceeds from the Second Lien Facilities will be used to repay all of the outstanding indebtedness under the Company's existing second lien credit facility (approximately $170 million), interest, transaction costs, and for general corporate purposes.
The Second Lien Facilities will be comprised of $500 million of A1 loans, and $225 million of A2 loans, each of which will bear interest at a rate of LIBOR + 10.0% per annum and will mature on July 2, 2018. Lenders under the A1 portion of the facilities will receive warrants exercisable at any time for an aggregate of 19.8 million shares of common stock, and lenders under the A2 portion of the facilities will receive warrants exercisable at any time for an aggregate of 8.9 million shares of common stock, in each case at an exercise price of $0.01 per share. The Second Lien Facilities will contain customary covenants, representations and warranties and events of default.
In the Exchange Transactions, SunEdison has agreed to the following:
The estimates of the aggregate number of exchange shares have been calculated based on the closing price of SunEdison common stock on January 6, 2016 and the actual number of exchange shares delivered may vary due to pricing adjustments included in certain of the exchange agreements.
In connection with the entry into the Second Lien Facilities, the exchange transactions and the issuance of warrants described above, on January 6, 2016, SunEdison entered into registration rights agreements with holders of the exchange shares and the shares underlying the warrants described above (the "registration rights agreements"). Under the registration rights agreements, SunEdison has agreed to file shelf registration statements (or prospectus supplements to an existing registration statement) to register the resale of such shares.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
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Parent Entities:
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SunEnergy1
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Parent Entities:
SunEnergy1
King Pine Wind Project (subscriber access)
Parent Entities:
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