Just nine months ago, SunEdison Inc. was Wall Street’s favorite clean-energy company. It sopped up every dollar it could come by to finance a breathtaking buying binge of wind and solar farms, and in the process became the world’s largest renewable-energy company.
Now, SunEdison is teetering on the verge of bankruptcy protection, its stock trading at 55 cents at 3:37 p.m. in New York on Thursday. The company’s fall is largely its own doing, the almost inevitable result of an ascent that was built on financial engineering and cheap debt. But it had plenty of enablers in the form of bankers, who pocketed fees with each acquisition, and investors, who reaped attractive dividends in a protracted stretch of low interest rates.