On the same day that Norwegian photovoltaic manufacturer REC announced a new offer to bondholders in an attempt to secure the separation of its semiconductor business from its other operations, U.S. developer SunEdison announced plans to spin off its polysilicon operations.
The firm plans to offer an IPO in the newly formed SunEdison Semiconductor to repay existing debts amongst other non-specified ends. The IPO is scheduled for early 2013. What the IPO may raise is yet to be determined.
"This new structure will allow each independent company to pursue its shareholder value generating strategies, focus on key markets and customers, optimize capital structures, and enhance access to growth capital for each company in the years ahead, said Ahmad Chatila, SunEdison CEO.
Reuters reported that shares in the company jumped 23% on the news, marking the biggest increase in a year.
The company posted a loss of over $100 million in its Q2, 2013, results this month but announced that its project pipeline is in excess of 2 GW.
SunEdison was formerly called MEMC Electronic Materials, as of May of this year.