Simple explanation. Renewable energy projects require large upfront cash investments just to get to the construction stage. The monies spent are put on the books at cost. SUNE overpaid for everything including project development. However, in a fire sale, the market value of preconstruction energy projects is basically zero. SUNE on the Filing Date had over 5 gigawatts in the pipeline. They expanded too fast and didn't have the organic cash flow to sustain their rate of growth. SUNE borrowed too much at the highest rates, i.e. junk bond rated paper. THE MONEY WENT INTO PROJECTS BUT SUNE HAD TOO MANY UNFINISHED PROJECTS AT ONE TIME WHEN THEY RAN OUT OF CASH.
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