More Trouble For Toy Town Solar Partner

More Trouble For Toy Town Solar Partner SunEdison sued for $200M

Damien Fisher News Staff Writer WINCHENDON — More bad news this week for SunEdison, the town’s solar partner currently teetering on the verge of bankruptcy, as the company is now being sued for more than $200 million. TerraForm Global, a subsidiary company of SunEdison, filed a lawsuit against it’s parent company in Delaware this week, accusing SunEdison of using $231 million to prop up its cash position rather than on solar projects in India for TerraForm, according to media reports. SunEdison is currently facing default on more than $1.4 billion of its $12 billion of debt because it has yet to file financial reports for 2015, while at the same time it is being investigated by the United States Securities and Exchange Commission for allegedly overstating its cash position in November. TerraForm disclosed in its own financial filings that SunEdison is expected to file for bankruptcy protection in the coming weeks. SunEdison stocks were trading for as little as 21 cents a share on Tuesday. The stock was trading for $32 a share in July. It’s not clear how the apparent collapse of SunEdison will impact Winchendon’s long-delayed solar energy array. SunEdison is supposed to be building the project on about 12 to 18 acres of the town’s capped landfill. The 20-year deal with Winchendon, renegotiated last year, is supposed to net the town about $12 million in savings. Winchendon’s solar array has already been delayed for the past five years. The original deal was first struck between Winchendon and Axio. SunEdison bought out Axio six months after the original deal was signed, but the project never progressed much beyond initial planning and site work. The new deal, signed last year, was meant to clear the way for the project to begin.