Mahindra seeks USD 7m from SunEdison for Indian solar job - report
Solar park in India built by SunEdison. Author: American Center Mumbai. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
Mahindra Susten, part of India’s Mahindra Group, claims that SunEdison (NYSE:SUNE) units owe it INR 461.9 million (USD 7m/EUR 6m) for supply, civil works and services for a project in Telangana.
The Indian company has filed a petition with the Madras High Court, as it wants to see SunEdison Solar Power India being directed to issue a security for the amount owed and disclose its list of assets, the Business Standard reported.
Mahindra Susten had been selected to design, engineer, supply, install and operate a 35-MW solar park in Mehaboobnagar district, a project of SunEdison subsidiary Sunborne Energy. The INR 461.9 million that have not yet been paid to the company for its services come from invoices raised till March 31, 2016 the report says.
Several media over the past weeks said that SunEdison is looking to sell its assets in India or find equity partners. In its petition, Mahindra Susten seeks restraints over the possible sale of interests in Sunborne Energy. In addition, the petition calls for Southern Power Distribution Company of Telangana to stop making payments for the solar farm’s output until the dues are settled.