Adani Green Energy, a subsidiary of the Adani Group, was looking to acquire renewable energy projects owned by SunEdison India, subsidiary of the bankrupt parentco SunEdison.
Soon after a bankruptcy filing by the US-based developer, several Indian companies were reported to have expressed interest in acquiring SunEdison India’s projects.
SunEdison India already operates 700 MW of renewable energy capacity, mostly in the form of solar power projects, with an additional 1.7 GW under development. The company sold 425 MW of solar projects in India to its yieldco TerraForm Global for $231m in 2015.
The company also owns wind energy projects, some of which it acquired last year from Fersa Energías Renovables.
Around 1,000 MW of solar capacity is being developed or secured by SunEdison in competitive auctions, which includes the 500 MW project SunEdison won in the Andhra Pradesh auction.
The project was among the most economical projects in India, in terms of tariff.
Apart from Adani Green Energy, Tata Power Renewable Energy is also believed to have expressed interest in acquiring SunEdison’s assets.
CEO Brian Wuebbels of SunEdison’s subsidiaries TerraForm Power and TerraForm Global resigned on Wednesday evening, paving way for the board of directors to run both the firms on an interim basis.
The change of management adds to the woes of the company which is on the brink of filing for bankruptcy.
The resignation of the CEO reflects on a previously failed attempt by the company to acquire Vivint Inc., but could have been hastened by renewed legal threats from billionaire shareholder David Tepper of hedge fund Appaloosa Management, who holds a 9.5% stake in subsidiary TerraForm Power.
Tepper had sued SunEdison during its takeover of Vivint in January which also saw opposition from the board of TerraForm. Although Tepper was unable to block the acquisition in a Delaware court, the deal eventually did not go through owing to SunEdison’s financial situation