SunEdison Inc (OTCMKTS:SUNEQ) may have buyers for its Australian operations. The bankrupt solar firm’s assets in Australia have remained under the radar since April. With 75 staff members at its operations in the Land Down Under, SunEdison may be getting buyers very soon.
SunEdison Inc May Soon Sell Off Australian Assets
The solar industry in Australia may not be lighting the world on fire right now. However, it’s projected that the Australian solar market could become big business as costs dip below $100 per Megawatt hour (MWh). With power-purchase agreements (PPAs) becoming popular and corporate buyers starting to stack the marketplace, it could be a great investment to enter the nation’s solar industry.
Doesn’t this mean firms should be lining up to buy SunEdison’s assets in Australia?
According to several local reports, there are more than a dozen local and global businesses interested in what SunEdison has in Australia. SunEdison has been located in Australia since it initiated its overaggressive expansion and acquisition plans. In other words, it has a lot of assets in the country.
Although domestic analysts say sales of its assets should’ve been started by now, there are various delays occurring that are making the sales difficult to begin or complete.
SunEdison currently has 3.7MW of rooftop solar installations in 41 locations. It’s also constructing a 1MW solar project with storage at Karratha airport. The fallen renewable power giant has delved into the battery storage realm with distribution agreements with the likes of Enphase and Sonnenbatterie.
One of the most rumored bidders is Ingenious Clean Energy, a UK-based green energy investment firm. It’s looking for opportunities in Australia, particularly solar projects of 5MW. The purchase would be made on behalf of its retail investor client base. Ingenious plans to construct a large portfolio of solar assets in Australia within the next two to three years.
SunEdison Inc Selling Off Other Assets
SunEdison has sold its 7 MW commercial and industrial rooftop portfolio in India to Amplus Energy Solutions. The sale will also include the recently started projects for Delhi Metro. The green energy firm in India wants to accumulate a massive solar portfolio of 200MW in the next couple of years.
“We have concluded the sale of SunEdison’s roof-top solar assets, which marks the first effective sale of SunEdison’s assets in India,” said Sanjeev Aggarwal, managing director and chief executive at Amplus, in a statement. “The assets that we have acquired are of their private sector clients, which includes marquee clients like Whirlpool, Intel, Standard Chartered and Delhi Metro.”
SunEdison is also close to completing a deal with Adnani Green Energy, an oil, gas and wind firm. Adnani is on the cusp of buying roughly 700MW of installed solar capacities and 1.7 GW of in-development projects in the emerging market.
Filing for Chapter 11 bankruptcy protection in late April, SunEdison has $20 billion in assets and $16 billion in liabilities. Amid the bankrtupcy process, SunEdison is facing a barrage of financial and legal woes. To rein in its debts, SunEdison is trying to sell off its assets that touch five continents.