SunEdison's CFO Departs Amid Accounting Review And Broken Deal To Focus On Yieldcos

The hazy story behind the tumble of solar energy developer SunEdison just got a bit more complicated.

On Friday, SunEdison said its long-serving chief financial officer Brian Wuebbels will leave that role to focus on the company’s so-called yieldcos, TerraForm Power and TerraForm Global, where he was recently named CEO. The departure of Wuebbels, planned for April, comes at a troubling time for SunEdison. SunEdison shocked investors on Feb. 29 when it delayed an annual 10-k filing with the Securities and Exchange Commission, due to what the company said were questions raised in late 2015 by current and former executives on the veracity of its financial position. The delayed filing hit SunEdison particularly hard because it was in the process of closing a $1.9 billion acquisition....

Continue reading at:

http://www.forbes.com/sites/antoinegara/2016/03/11/sunedisons-cfo-d...

BDN - SunEdison delays annual report, citing internal probe

SunEdison one year ago closed its $2.4 billion purchase of the Massachusetts wind developer First Wind, which built numerous projects in Maine, including wind farms in Bingham and Oakfield......

One of SunEdison’s yieldcos, TerraForm Power Inc., is also delaying its annual report, according to a company filing on Monday........

http://bangordailynews.com/2016/03/01/business/sunedison-delays-ann...

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Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

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(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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