SunEdison Inc ‘s woes continue to pile up. It has been discovered that the solar firm was given $5 million in grants and loans from the U.S. government before it filed for Chapter 11 bankruptcy protection. What else will be uncovered in the coming months?
SunEdison Inc’s $5 Million Check From Uncle Sam
A new report from Vermont Watchdog finds that SunEdison had help from the taxpayers. The renewable energy firm reportedly received $5 million in federal grants and loans. Interestingly enough, the funds arrived just before it filed for Chapter 11 in late April.
Locally, there are concerns about the Sheffield Wind Farm. This is a wind project owned by TerraForm Power Inc (NASDAQ:TERP). Some feel that TerraForm will be unable to keep the wind farm open as its parent firm struggles through bankruptcy.
“If you look up SunEdison and TerraForm Power, you can read all these stories about the intertwining of the companies and how one way or another, TerraForm’s assets are getting brought into the SunEdison Bankruptcy,” said Annette Smith, a prominent wind power critic in the state.
But this isn’t the first time that the Sheffield Wind Farm has been marred in controversy. Since the first day of construction, there have been reports speculation of some shady dealings.
According to the watchdog group, First Wind had a suspect reputation in Maine. This is why it changed its named from UPC Wind Management, says Rob Pforzheimer, a community leader who has been against the wind farm since 2006. Even before operating in Vermont and Maine, it had a shady nature when it built wind projects in Sicily and Sardinia. There were ties to some mafia outlets in Italy.
He’s also unconvinced that TerraForm can avoid the firm’s bankruptcy proceedings.
Moreover, the wind project has received many complaints over noise. This has prompted some families to actually leave the area because the noise is so bad.
The company did not issue a comment to the reports.
SunEdison Inc’s Assets Interested by Indian Firm
Previous reports said that SunEdison Inc may have been selling an asset in India to local firm Sitec RE. Now it’s being reported that the solar firm may sell all of its assets in India to one local green energy firm.
According to Reuters, Adani Green Energy Ltd is interested in buying all of SunEdison’s Indian assets. Adani CEO Jayant Parimal told reporters in Mumbai that he was approached by investment bankers appointed by SunEdison.
The solar firm currently has about 450 megawatts (MW) worth of capacity. It also has another 800 MW under development, and a 500 MW plant in the beginning stages of development. These projects may help Adani Group meet its solar creation capacity target of 3,500 MW by next year. The firm has interests in oil, gas and coal.
It isn’t known how much the deal for SunEdison’s assets in India would be worth. Whatever SunEdison receives, the funds would be used to sustain present operations in the U.S. and pay off its large debts.
SunEdison’s April bankruptcy filing shows that it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.