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SunEdison Inc (SUNEQ) Partner Issues Default Notices, India Doubles Solar Target

SunEdison SUNEQ

SunEdison Inc (OTCMKTS:SUNEQ) solar partner, Aboitiz Renewables Inc., has issued a default notice. Aboitiz sent out default notices to SunEdison Philippines Helios BV, a subsidiary of SunEdison, Monday because of its Chapter 11 bankruptcy protection. Aboitiz pledges to protect all of its interests during this time.

SunEdison Inc Solar Partner Sends Out Default Notices

Sending a disclosure to a stock exchange on Monday, Aboitiz said that it is “exercising our option based on the shareholder’s agreement with SunEdison.” The default notice allows the firm to initiate the process that is meant to protect Sacasun, a solar project the companies worked on together.

SunEdison Inc (SUNEQ)

Sun Edison Philippines Helios BV in San Carlos Sun Power Inc. presently owns the 59-megawatt solar power plant in San Carlos City, Negros Occidental.

Aboitiz Power president Antonio Moraza said in a statement that the firm is committed to its solar project. Both firms had already finished the solar plant in San Carlos City. The solar plant generates around 82 gigawatt-hours per year of green energy to the Visayas grid. The solar plant is an important aspect to the local economy. It currently employs more than 4,000 employees, and about one-third of them are women.

It has been speculated for months that Aboitiz would expand the project, or any other solar project. However, those objectives have been quashed because of a paucity of land in the area.

It remains unclear as to whether or not SunEdison had been wanting to sell its stake in the solar plant.

India Raises Solar Target as SunEdison Shrinks Involvement

India has been aggressive in recent years regarding its solar initiatives. The emerging market has regularly vowed to be a leader in solar energy, which would help grow the national economy. SunEdison was meant to be a big player in this historic endeavor. After the bankruptcy, all of that quickly changed.

Despite SunEdison’s shrinking involvement and massive asset sale, India has been moving on, and even doubling down on its target.

The Indian government announced that it will double its target energy created from solar parks by the year 2020. The new generation target stands at 40,000 megawatts for solar parks.

Many private firms are attempting to get in on this plan. It’s potentially lucrative for many companies because the government buys land for the solar installations and transmission lines.

SunEdison was to become one of the leaders in India. This changed, and now the firm has been selling off a large chunk of its assets. A couple of the domestic and foreign firms that have been interested are Adnani Group, Amplus Energy Solutions and Fortum Oyj.

“We are adding 25 more solar parks to create a buffer for exigencies like SunEdison,” said Upendra Tripathy, India’s secretary of the Ministry of New and Renewable Energy, in an interview with Reuters. “Solar parks are a hit with companies. A lot of them are interested.”

The government minister did not name any firms.

SunEdison has previously said that it plans to stick to its Indian growth plans. The firm has not publicly commented on recent reports from India.

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