The 365MW UK solar portfolio owned by SunEdison yieldco TerraForm Power has been sold to Vortex, a European renewables investment platform of private equity firm EFG Hermes.
In this week's Movers & Shakers, PV Tech reports on employment happenings across the globe in Europe, the US and the Middle East. ACWA Power creates a new clean energy division, the executive director of the IEA wins a prize and 8minutenergy's general counsel is appointed to the US Department of Commerce's Renewable Energy and Efficiency Advisory Committee (REEEAC).
Canada’s Brookfield Asset Management has proposed a takeover of TerraForm Power and TerraForm Global – either by buying out 100% of the company for cash, or purchasing its existing Class A and Class B shares and replacing SunEdison as sponsor.
Renewables firm SunEdison currently in Chapter 11 bankruptcy proceedings confirmed in a statement that it was in talks with its two publically listed yieldco subsidiaries to sell its ownership interest and other rights in the yieldcos.
The two renewable energy yieldco subsidiaries of Chapter 11 bankrupt firm, SunEdison are seeking over US$3 billion from their parent company over damages and sought settlement via discussions before heading to the courts.
Both yieldco subsidiaries of bankrupt renewables firm SunEdison have said they were seeking mergers or sales of their entire businesses after it became increasingly possible that SunEdison would not emerge from bankruptcy proceedings.
The solar yieldco business model was “flawed from the beginning”, says a US bank executive, who downplays sentiment that it was the SunEdison yieldco disaster that tarnished the model for good.
Both the TerraForm yieldcos have delayed their Q2 2016 results. It is the third successive quarter without financial filings by both TerraForm Power and TerraForm Global.
Bankrupt renewables firm SunEdison has informed its two yieldcos that it will no longer pay interest on their senior notes due to Chapter 11 bankruptcy proceedings, according to SEC filings.
