TerraForm Power President and CEO steps down

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Late yesterday TerraForm Power announced that its president and CEO, Brian Wuebbels, was stepping down immediately. The board of SunEdison has formed an office of the chairman which it says will lead TerraForm Power on an interim basis, which will be led by current Board Chair Peter Blackmore.

Three other independent directors will join Blackmore in the office of the chairman. The replacement of Wuebbels has been interpreted by Seeking Alpha as a distancing of TerraForm Power from the parent company, however both Wuebbels and Blackmore came to TerraForm Power from SunEdison.

Additionally, TerraForm Power has appointed Ilan Daskal as a member of the board. Daskal took over some of Wuebbels’ roles at SunEdison when he left to focus on TerraForm Power.

These moves comes amid rumors of a pending SunEdison bankruptcy in the press. Wall Street Journal has reported that U.S. financial regulators are investigating SunEdison over liquidity claims in its Q3 results, and the company has delayed filing Q4 and full year results.

The U.S. Securities and Exchange Commission has not yet responded to pv magazine requests to verify the existence of the investigation.

Additionally, last week DebtWire reported that SunEdison has entered debtor-in-possession talks with the holders of US$725 million in second-lien loans, citing sources familiar with the matter.