Sunedison's Yieldco Shell Game Continues, but has Wall Street Caught On? Dead Cat's Bounce?
SunEdison Sells Maine Wind-Power Plants
Sale, for $209 million, comes as company tries to free up cash to shore up its stock
SunEdison Inc. agreed to sell two Maine wind-power plants for $209 million, as the renewable energy-development company continues to free up cash to shore up its stock.
The announcement—a day after SunEdison secured a $250 million credit infusion by amending its Vivint Solar Inc. buyout proposal—sent shares 8% higher to $4.43 in late trading. The stock, which set a high of $33.45 in July, is down 79% this year.
The big solar-power developer is selling the 185-megawatt Bingham wind farm and 148-megawatt Oakfile wind farm to Terra Nova Renewable Partners, a strategic equity partnership that SunEdison formed in September with institutional investors advised by J.P. Morgan Asset Management.
Under the terms of the deal, the first of the partnership, SunEdison could buy back the plants within five years.
In October, the Maryland Heights, Mo., company said it planned to overhaul operations, laying off 1,000 workers, scaling down expansion plans and shifting renewable energy sales to power utilities. Under its previous strategy, SunEdison built plants and then sold them to TerraForm Power Inc. andTerraForm Global Inc., so-called yieldcos that were spun off from SunEdison.
Similar to real-estate investment trusts and master limited partnerships, yield companies, known on Wall Street as yieldcos, are publicly traded companies that hold power plants and issue regular dividends to shareholders.
TerraForm Power’s stock rose 5% to $11.70 in late trading while TerraForm Global’s rose 3.2% to $4.91.
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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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