SunEdison's financial woes imperil solar projects globally
The US solar energy giant is preparing for bankruptcy just five months after aggressive growth and has already sold off some large ventures
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Los Angeles
IN November, US solar energy giant SunEdison Inc reported that its project pipeline had grown by 75 per cent in just a year, the result of an aggressive growth strategy. Now, five months later, many of those projects are imperilled as SunEdison reportedly prepares to declare bankruptcy.
SunEdison's rapid growth in planned capacity - from 4.5 gigawatts (GW) to 7.9 GW in 12 months, according to a company press release - was propelled by an acquisition spree and aggressive underbidding of rivals on projects. Put in perspective, a typical nuclear power plant has a capacity of 1 GW. Among the deals now in question is a solar plant under construction for the central Texas community of Georgetown. SunEdison initially told officials there it would self-finance the project, but now wants to make alternative funding arrangements.
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