Madras High Court restrains sale of SunEdison assets

M Ramesh Chennai | Updated on January 18, 2018

The Madras High Court has restrained the Chief Restructuring Officer of SunEdison from selling stakes in three subsidiaries of SunEdision, which own 90 MW of solar power plants in Karnataka.

This was in a suit filed by the Chennai-based solar EPC company Refex Energy Ltd to whom SunEdison owes money.

SunEdison, the US-based renewable energy major, filed for bankruptcy in March, sending shock waves through the renewable energy industry globally. In India, the company has about 850 MW of operating assets (mostly solar), and another 1,100 MW of solar plants under construction.

After the company filed for Chapter 11 bankruptcy protection, the creditors appointed a Chief Restructuring Officer, John Dubel, to restructure the company and pay off the creditors by selling the assets of the company, if required.

CRO Dubel is talking to a few companies that are interested in buying SunEdison’s India assets, and the Hyderabad-based Greenko is said to be leading the pack and SunEdison’s 2 GW-odd assets might well to go it.

By a complex structure of holding, SunEdison’s Indian assets are held by a company incorporated in the Netherlands, called Sune Solar B.V.

SunEdison India owes money to Refex Energy, which builds solar plans for others. Refex Energy built three plants for SunEdison in Karnataka, 30 MW each. Under the power purchase agreement between SunEdison and the electricity distribution utility of Karnataka, only 49 per cent stake can be sold anyway.

Published on July 31, 2016

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