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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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April 22, 2015
07:11 EDTSUNESunEdison to convert landfill site in Winchendon to 2.6 MW solar power plant
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06:09 EDTSUNESunEdison appoints Pancho Perez as COO
SunEdison announced that Pancho Perez has been appointed to the newly created role of EVP and COO. Perez's appointment extends his role as COO for TerraForm Power to leadership in the same role across the SunEdison platform. Perez has previously served as president of SunEdison Europe, Middle East, and Latin America.
April 21, 2015
07:16 EDTSUNESunEdison and TerraForm close financing for portfolio of 97 MW of solar projects
SunEdison (SUNE) and TerraForm (TERP) announced that they have closed financing of a 97 megawatts DC portfolio of utility-scale photovoltaic solar projects in the UK that were connected during the first quarter of 2015. The portfolio is comprised of eight large-scale solar farms across England and Wales that will have the combined capacity to power nearly 30,000 homes per year. Individual project size varies from 6 to 19 MW. Financing for the construction of the solar farms has been provided by Bayerische Landesbank, which provided a GBP 84.6 million non-recourse loan. EDF Energy, the UK's largest producer of low-carbon electricity, will purchase the solar energy under a 15-year power purchase agreement with SunEdison. As announced on March 31, 2015, TerraForm Power has acquired plants with a capacity of 53 MW from this portfolio. It intends to acquire the remaining 44 MW, currently included on SunEdison's Call Right Project List for TerraForm Power, during the second quarter of 2015.
April 16, 2015
11:27 EDTSUNESunEdison initiated with an Outperform at Avondale
Target $35.

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