SunEdison may get USD 300m from solar arm IPO - report

Nov 26, 2013 - US-based SunEdison Inc (NYSE:SUNE) is to spin off some of its solar operations in 2014, raising up to USD 300 million (EUR 222m) from the new unit’s initial public offering (IPO) in the US, Reuters said Monday.

Semiconductor material and solar energy firm SunEdison, former MEMC Electronic Materials Inc, will use the proceeds to finance new projects, CFO Brian Wuebbels told the news agency in an interview.

As part of the floatation, which will be launched by the second quarter of 2014, the firm will offer between 20% and 30% of the solar subsidiary SunEdison Yield Co. The new unit, whose value can reach USD 800 million-1 billion, will hold projects in Japan, Mexico, the US, Canada, Chile and the UK.

SunEdison is also willing to establish a similar subsidiary in Asia, which will be listed on bourses in Singapore and Hong Kong, according to the report. The Asian IPO is planned a few months after the US listing, Wuebbels told Reuters.

At the start of November SunEdison said it had turned to a net loss of USD 108 million in 2013's third quarter from a USD-37-million profit a year ago. Still, revenue climbed to USD 611.5 million from USD 601.6 million.
(USD 1.0 = EUR 0.740)

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