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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.