SunEdison Missed Deadlines on Solar Farms It Plans to Unload
- Hawaiian utility cancels contracts for 148 megawatts of solar
- SunEdison challenging the termination and exploring options
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SunEdison Inc., the clean-energy developer that’s slumped 92 percent in the past year, fell so far behind on some solar farms that utility Hawaiian Electric Co. made the rare move to cancel its contracts to buy the output, saying it couldn’t wait any longer.
Hawaiian Electric terminated contracts for 148 megawatts of solar power from three projects that SunEdison has been developing, the Honolulu-based utility said in a regulatory filing Friday. SunEdison has planned to transfer the projects to creditors including DE Shaw & Co. when completed.