SunEdison in More Trouble?

As reported in the WSJ SunEdison Inc. received a subpoena from the Securities and Exchange Commission seeking emails and other electronic communications in connection with a non-public, fact-finding investigation.

The solar-energy company said the Oct. 5 request covers communications sent or received by “certain current and/or former directors and/or officers” of SunEdison and/or its two yieldcos, TerraForm Power Inc. and TerraForm Global Inc.

SunEdison filed for chapter 11 bankruptcy protection in April, pledging to curb debt-fueled global expansion that pushed the company’s stock to great heights before fueling its rapid collapse. The company disclosed in March that it received an inquiry from the SEC and a subpoena from U.S Justice Department.

The company’s yieldco strategy, which played a key role in its growth plans, was criticized in 2015 by David Tepper’s Appaloosa Management LP, a big investor in TerraForm Power.

The two yieldcos weren’t included in SunEdison’s bankruptcy, but they claim SunEdison has done more than $3 billion worth of damage in the aggregate to their businesses. SunEdison said Oct. 3 that it disagrees with many of their claims but is in settlement talks with them.

Regulators have been looking into issues including SunEdison’s disclosures about its cash on hand and financing activities related to a planned $1.9 billion purchase of residential-rooftop installer Vivint Solar Inc. that was eventually terminated.