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SunEdison, TerraForm delay filing reports again
Credit: By Reuters | bangordailynews.com ~~
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Solar and wind company SunEdison Inc. said it had delayed filing its annual report beyond the extended due date after identifying material weaknesses in its financial reporting controls, sending its shares down 20 percent in premarket trading Wednesday.
SunEdison “yieldco” TerraForm Power Inc., whose shares were down more than 14 percent, also said it had delayed filing its annual report for the second time.
Both reports were due Tuesday.
SunEdison said earlier this month it had delayed filing its annual report while an internal investigation was conducted into its financial position.
That investigation has not been completed, SunEdison said Wednesday.
The latest delay in the annual report is mainly the result of problems with newly installed financial information systems, the company said.
SunEdison one year ago closed its $2.4 billion purchase of the Massachusetts wind developer First Wind, which built numerous projects in Maine, including wind farms in Bingham and Oakfield. The company sold those wind farms in December to bring cash into the company.
The company has also partnered with Emera Maine and Central Maine Power Co. on projects to connect new wind turbines to the grid to help southern New England states meet renewable power purchasing goals.
TerraForm said Wednesday it needed to assess whether the IT-related problems and investigation at SunEdison could affect its own financial reporting.
However, the company said it also identified material weaknesses in internal controls, including processes for validating revenue recognition.
TerraForm is one of two SunEdison “yieldcos” – dividend-paying units that hold solar, wind or other power assets for the parent company.
The companies said they had not yet identified any material misstatements or need for restatements of their financial statements or disclosures.
Up to Tuesday’s close of $2.08, SunEdison’s shares had fallen more than 90 percent in the past 12 months. TerraForm’s shares had fallen about 70 percent, closing at $10.55.
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