New look SunEdison emerges from chapter 11

Author: John Crabb | Published: 24 Jan 2018

One time world beating renewable energy company SunEdison has finally completed its reorganisation as a privately held company under chapter 11 of the US Bankruptcy Code.

The $8.2 billion bankruptcy case was initially filled in April 2016, but it took the best part of 20 months to complete the reorganisation. As part of the bankruptcy the company sold around $2.3 billion of assets includingits interest in two yieldcos - publicly traded bundles of operating assets - TerraForm Power and TerraForm Global. Canadian company Brookfield Asset Management acquired TerraForm Global for $787 million and a 51% stake in TerraForm Power for $622 million.

The company initially ran into trouble after completing a number of acquisitions and entering into several power purchase agreements (PPAs) across the world, putting out hundreds of millions of dollars with no short term returns....