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Stock Market & Financial Investment News

News Breaks
February 10, 2014
07:02 EDTSUNESunEdison announces cost reduction actions in Italy and Missouri operations
SunEdison announced that it will indefinitely close its shuttered polysilicon manufacturing facility in Merano, Italy immediately. The Merano polysilicon facility was shuttered in December of 2011 as part of a restructuring plan to better align the business with current and expected market conditions and improve overall cost competitiveness. For the past two years SunEdison explored various options to improve the cost effectiveness of the Merano polysilicon facility. Ultimately, the identified cost reductions were not enough to sustain the economic viability of the plant in the current market environment. The indefinite closure will affect approximately 200 employees at the Merano polysilicon plant. In connection with the closure, the associated electronic grade TCS operation will be closed over the next 12 months. As a result of the decision to indefinitely close the polysilicon manufacturing facility and TCS operation, we expect to record approximately $37M of fixed asset impairments for the year-ended December 31, 2013. SunEdison will also commence a plan to consolidate its semiconductor crystal operations. The consolidation will include the transitioning of small diameter crystal activities in its St. Peters, Missouri facility to its other crystal facilities in Korea, Taiwan and Italy. The crystal manufacturing consolidation will affect approximately 100 employees in St. Peters and will be implemented over the next 12 months.
News For SUNE From The Last 14 Days
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December 16, 2014
07:42 EDTSUNESunEdison closes $117M solar fund
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December 15, 2014
10:10 EDTSUNESolar stocks could be volatile ahead of ITC/ITA decisions, says Brean Capital
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07:37 EDTSUNESunEdison to invest over $700M to develop 350 MW of solar in Chile
SunEdison (SUNE) announced that the National Energy Commission in Chile has awarded SunEdison a contract to supply 570 gigawatt hours of clean energy a year. SunEdison noted that the National Energy Commission in Chile recently changed the bidding process used to award electricity supply contracts for the regulated market to create a more level playing field across different kinds of energy. With these changes, SunEdison was able to bid on and win supply contracts for 570 gigawatt hours of solar energy. SunEdison was awarded the provision of 190 gigawatt hours per year during the daytime block which begins in 2016 and a further provision of 380 gigawatt hours per during the daytime block which will become operational in 2017. To meet the demand, SunEdison will be investing more than $700M to develop 350 megawatts of utility scale solar photovoltaic power plants throughout the country. The plants will be added to the call right list of TerraForm Power (TERP), a global owner and operator of renewable energy power plants.

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