SunEdison Cuts Sales Forecast to Keep More Solar Farms on Books
SunEdison Inc. (SUNE) lowered its sales forecast and announced it plans to sell convertible notes to restructure its debt.
The company expects to sell about 380 megawatts to 405 megawatts of solar projects this year, lower than an earlier forecast of 405 megawatts to 435 megawatts, according to a statement today. Sales from semiconductor materials will be $905 million to $915 million, down from $920 million to $930 million.
SunEdison expects to complete as much as 540 megawatts of solar farms this year, unchanged from its earlier forecast, and will keep more of them on its balance sheet rather than selling them “in an effort to retain more long-term project value,” according to the statement.
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