Sunedison Inc. (fka SUNEQ)

[FEED_THE_FOXES]

Your thesis and numbers are way off base. Both Yieldcos consistently complained that SUNE was dumping projects into them at above market prices because the market wouldn't pay the high asking prices. SUNE needed those prices to show a profit on its books on at arms-length basis. However, they never made enough profit as demonstrated by their consistent operating losses. In addition, the Yieldcos were also cash losers in that they needed to borrow cash from SUNE to pay its high dividends to non-SUNE shareholders because they paid above market prices for the SUNE projects.

You also need to work on your numbers. A solar project with $10MM in annual revenue would need PPA rates and capacity factors that mirrored similarly situated projects. That means a project of 50-60 MW which would have cost $200MM-$250MM. Your $10MM figure is meaningless without quantitative context.

Go back and read SUNE SEC filings and read the complaints that came from Greenlight Capital.