British green-energy company Ecotricity has acquired SunEdison’s home rooftop solar business in the UK for an undisclosed amount.
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This announcement comes after SunEdison filed for bankruptcy in the US. However, its court-supervised restructuring process will allow it to right-size its balance sheet and reduce debt, providing an opportunity to support the business in the future. The company has secured $300m in financing to continue its business operation during the bankruptcy process.
SunEdison CEO Ahmad Chatila said: "As a result of this process, we expect that SunEdison will be in an even better position over the long-term to utilise our capabilities in the renewable energy sector in service of our customers, business partners, and employees."
SunEdison has a portfolio of nearly 1,000 rooftop solar installations in the UK under the Energy Saver Plan.
Ecotricity founder Dale Vince said: "The government’s cuts to the feed-in tariff, and its broader attack on the renewables industry, have caused a significant problem for companies like SunEdison. We have seen some go bust and others quit the UK market, losing a lot of jobs as a result.
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"This is our first step into the domestic solar market, and as the price of the technology continues to fall, we’re confident that it’s only a matter of time before we can resume the work SunEdison started, and help more homes take advantage of solar power."
SunEdison’s UK business is an addition to Ecotricity’s small wind turbine division, Britwind, which was launched following the acquisition of turbine company Evance in 2014.
Ecotricity currently supplies clean electricity to 200,000 customers from a fleet of wind and solar farms.
Vince added: "We see a big future for renewable technology of this scale in Britain. Small wind and rooftop solar will allow more people to generate their own power at home, decentralising the energy sector and putting power in the hands of the people."
Image: SunEdison has a portfolio of nearly a 1,000 rooftop solar installations in the UK. Photo: courtesy of Ecotricity.
