SunEdison's "yieldcos" delay filing quarterly reports

AlTi Global

10/08/2016 21:58

Aug 10 (Reuters) - TerraForm Power Inc  TERP.O  and 
TerraForm Global Inc  GLBL.O , the "yieldcos" of bankrupt solar 
company SunEdison Inc  SUNEQ.PK , said they would delay filing 
their second-quarter earnings reports. 
    Both yieldcos, which are yet to file their annual reports 
for the year ended Dec. 31 and their first-quarter reports, said 
on Wednesday they would take additional time to finalize their 
financial statements.  
    The companies' second-quarter ended on June 30. 
    TerraForm Power and TerraForm Global said in their 
regulatory filings that they had identified "material 
weaknesses" in their internal controls over financial reporting 
due to SunEdison. (http://bit.ly/2aZPPYt) 
    SunEdison had delayed its filings after identifying 
"material weaknesses" in its financial reporting, primarily 
related to problems with a newly implemented IT system.  
    The company also said it was conducting an internal 
investigation into its financial position.  urn:newsml:reuters.com:*:nL3N16O3SR 
    "Yieldcos" are publicly traded units that hold renewable 
energy assets, including those bought from the parent company. 
 
 (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj 
Kalluvila) 
 ((arathys.nair@thomsonreuters.com;  within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 3863; Reuters Messaging: 
arathys.nair.thomsonreuters.com@reuters.net)) 
 
Keywords: TERRAFORM POWER RESULTS/