UPDATE - SunEdison's Q3 loss drives stock down

Solar park in India built by SunEdison. Author: American Center Mumbai. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

November 11 (SeeNews) - The stock of SunEdison Inc (NYSE:SUNE) closed at USD 5.77 on the New York Stock Exchange on Tuesday, down 22%, thus reaching a new low for this year.

The significant drop followed the US renewables major’s announcement of a July-September net loss of USD 284 million (EUR 246.6m) on revenues of USD 476 million.

SunEdison’s stock has lost more than 80% of its value since July. Last month the firm announced a planned 15% reduction to its workforce, revised down installation projections for 2016 and said it would hold off asset sales to its two yieldcos. It will also narrow its geographic scope, focusing on “high profit-potential markets” such as Latin America, India, the US and China.

The company had 2.9 GW of projects under construction in the third quarter of 2015. At end-September it had a pipeline of 7.9 GW.

(USD 1 = EUR 0.931)

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