SunEdison bracing for bankruptcy, seeking sale of Indian assets

SunEdison, the Maryland Heights-based renewable energy developer, is looking to sell as much as 1 gigawatt of unfinished solar projects in India as the company braces for the possibility of bankruptcy, people familiar with the situation tell Bloomberg.

The company has spoken to several prospective buyers, a move that may reflect SunEdison’s desire to raise cash and improve its financial standing as it teeters on the brink of defaulting on some $1.4 billion in loans.

SunEdison, which has twice delayed filing its annual report, said it is seeking equity investors for its projects, which aligns with its strategy for developing solar assets.

The company has seen its stock price drop more than 95 percent since hitting a high at more than $32 per share in late June. It was reported last week that the Securities and Exchange Commission is investigating SunEdison’s disclosure of liquidity issues.

Read more: Bloomberg, St. Louis Business Journal, St. Louis Post-Dispatch

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