By August 12, 2016 Read More →

SunEdison delays filing second-quarter results


SunEdison says Chapter 11 bankruptcy filing is a factor in the delayed earnings report. Reuters photo by Noah Berger.

SunEdison yet to file 2015 annual report

Aug 12 (Reuters) – Bankrupt solar company SunEdison Inc on Friday joined its “yieldcos” in delaying earnings report for the second-quarter ended June 30.

SunEdison is yet to file its 2015 annual repot, as well as its first-quarter report, after the company identified “material weaknesses” in its financial reporting, primarily related to problems with a newly implemented IT system.

The company said the Chapter 11 bankruptcy filing also contributed to the delay.

Once the fastest-growing U.S. renewable energy developer, SunEdison filed for bankruptcy in April.

TerraForm Power Inc and TerraForm Global Inc , the company’s “yieldcos”, said on Wednesday they would delay filing their second-quarter earnings reports.

“Yieldcos” are publicly traded units that hold renewable energy assets, including those bought from the parent company.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

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