SunEdison

SunEdison, the world’s largest renewable-energy developer, has been going through some serious financial troubles for a while now and could reportedly file for bankruptcy as soon as this week. Its stock (SUNE) lost 98% of its value over the past 12 months and people are starting to jump ship.

Through the troubles, Electrek has learned that Tesla hired a key member of SunEdison’s energy storage team.
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Earlier this year, Advanced Microgrid Solutions (AMS) and Tesla Motors, under its ‘Tesla Energy division’, inked a massive 500 MWh supply deal for battery packs to power AMS’ “hybrid-electric buildings” concept. Today AMS announced a new project under the agreement with Tesla to install a first phase of Powerpacks at up to 24 office buildings owned by The Irvine Company, a real estate company with properties throughout coastal California.
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According to a new report from GTM on Sunday, SunEdison sent out an internal memo last Friday to announce an important restructuring process which will include laying-off about 10% of the company’s workforce. The restructuring comes amid investor concerns about the company’s strategy which has been “all over the place” lately. Most notably, the company’s acquisition of the residential solar installer Vivint for $2.2 billion earlier this summer.

The decision to buy a residential solar provider was out of SunEdison’s core business, which mostly consist of developing utility-scale solar projects. Now the company might have to sell some of these projects in order to get rid of mounting debts (~$10 billion).
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