Connect with us

Hi, what are you looking for?

CleanTechnica
SunEdison Logo (PRNewsFoto/SunEdison, Inc.)

Green Economy

Hedge Fund D.E. Shaw Extends Lifeline To SunEdison’s Hawaii Solar Power Projects

Struggling with a huge debt burden on its balance sheet, SunEdison may hope for some relief after a hedge fund showed interest in reviving its stranded solar power assets in Hawaii.

New York-based hedge fund D.E. Shaw has reportedly expressed interest in 3 solar power projects owned by SunEdison in Hawaii. The projects have a combined installed capacity of 148 MW and had power purchase agreements with Hawaiian Electric Co. until they were terminated in February this year.

Hawaiian Electric Co. put the brakes on power purchase agreements due to the precarious financial condition of SunEdison.

D.E. Shaw buying out the power plants is far from a done deal. Officials at Hawaiian Electric Co. are not convinced of this supposed rescue. D.E. Shaw is a creditor to SunEdison and the Hawaiian utility believes that the proposed transaction may merely be aimed at the hedge fund settling its debt; and in the event of SunEdison’s bankruptcy, these projects could be embroiled in a financial struggle between SunEdison and its creditors.

The US-based solar power projects developer has been facing considerable strain on its balance sheet for months after it embarked on an expansive acquisition spree.

Among the latest troubled deals planned by SunEdison was the failed acquisition of Vivint Solar in the US. Last year, the company also had to sell 425 MW of solar power capacity in India to its yieldco TerraForm Global in order to retire some debt from the balance sheet.

The company is planning to sell equity stake in one of the largest solar power projects that it had secured through competitive auction in India.


Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Clean Power

NREL Helps Identify and Implement Energy and Infrastructure Solution Pathways through the Multi-Partner Energy Transitions Initiative Partnership Project

Clean Power

WASHINGTON, D.C. — The U.S. Department of Energy (DOE) today announced it will work with 11 remote and island communities around the United States...

Buildings

Originally published on WRI’s Blog. By Devashree Saha, Tom Cyrs and Alex Rudee  The Biden administration has committed to a historically ambitious climate agenda. We can expect a profound...

Clean Power

In October, I published reports on the top US solar states per capita, the top US solar states as a percentage of electricity, and...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.