SunEdison Inc. said on Monday it has delayed filing its annual report, mainly due to an internal investigation into the solar company’s financial position.
The investigation, which began late last year, is based on allegations by former executives concerning SunEdison’s anticipated financial position disclosed to the board, the company said in a filing.
The investigation is being conducted by a committee set up by the board and no wrongdoing has been found so far based on the executives’ allegations, SunEdison said.
SunEdison did not comment further, when contacted by Reuters.
SunEdison one year ago closed its $2.4 billion purchase of the Massachusetts wind developer First Wind, which built numerous projects in Maine, including wind farms in Bingham and Oakfield. The company sold those wind farms in December to bring cash into the company.
In mid-November, SunEdison reported a wider-than-expected quarterly loss, prompting the company to stop selling projects to its “yieldcos” — dividend-paying units that hold solar, wind or other power assets for the parent company.
Later in the month, the chief executives of SunEdison’s two yieldcos stepped down.
One of SunEdison’s yieldcos, TerraForm Power Inc., is also delaying its annual report, according to a company filing on Monday.
Last week, SunEdison fought off an injunction filed by Appaloosa Management which prevented Terraform Power from buying some assets from rooftop solar company Vivint Solar Inc.
David Tapper’s Appaloosa said the acquisition of Vivint’s assets — which had an initial purchase price of $922 million — was not in the interest of the yieldco’s shareholders, mainly because it would alter the company’s business model and force it to take on debt of $960 million.
TerraForm Power could not be reached for comment.