Latin American Power accused Sunedison of not making the cash payment of $400 million in the set deadline; it blamed Sunedison of breaching the terms of the contract.
Sunedison’s spokesperson said that the owner of the Latin American Power did not meet the terms and conditions of the deal. The successful completion of the deal would have added one more business to the company’s shopping spree.
The cancellation of the deal is going to increase difficulties for the leading US solar energy provider, which continues to struggle with increasing costs and falling profits.
In a move similar to its peers, Sunedison announced to lay off 15% of its workforce and align its operations to better match them to prevailing and future market conditions. Bidness Etc is a team of more than 120 dedicated individuals who have distilled a decade and billions of dollarsa€™ worth of trading experience to change the way people think about and interact with finance.
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Unnamed sources talking to the Wall Street Journal said Sunedison failed to make a $400 million cash payment upfront. The company has been actively involved in M&A in the recent past seeking organic growth, and for the purpose of boosting lost investor confidence.
Furthermore, the company has also been affected by poor performance at TerraForm Global Inc. Deutsche Bank stated in a sell-side report that the downgrade of ratings for energy and mining companies is mainly due to poor M&A decisions, along with the falling commodity and crude oil prices.
Brazilian wind power deployments could exceed 5 GW by 2013 representing a five-fold increase from the current installed capacity, according to the Global Wind Energy Council (GWEC). Led by Brazil, Latin America is expected to reach 46 GW of total installed wind capacity by 2025 with a 12.6% compound annual growth rate of yearly installations, according IHS Emerging Energy Research (EER).
Looking to reduce dependence on imported energy and diversify the sources feeding the main power grid, Chile’s interest in harnessing renewable energies has grown significantly over the last year. Colin Bennett reports on the state of play in the Latin American wind power market where a country other than Brazil is starting to flex some serious muscle. Ambitious and optimistic, maybe even over the top, the statement suggests that there is something brewing in South America that can potentially steal the show in the wind industry. Driving this demand are the emerging economies of the region, which will have to fill greater energy needs looking forward. MAKE's Latin America analyst Brian Gaylord says that advances in technology experienced in wind equipment coupled with potential sites with great quality wind make the region particularly attractive. Chile, has a need for domestic energy solutions and wind is in the government's long term plan, but Grant emphasizes that to take advantage of this interest, precise positioning to guarantee good wind resources and a connection to the country's main electrical transmission line, the SIC, is critical. Pacific Hydro spent a good three years evaluating potential wind farm sites before making a move. MAKE's Gaylord says the primary lenders are development banks, both local and international. To do this, Chinese lenders are using low rates to rake in some of the region's biggest developments. GEASSA didn't specify the source of its loan, but Bloomberg reported that CDB is offering financing at up to 50% less than local options. Staying on the manufacturing thread, requirements to source equipment locally has shaken the wind market, offering a potential green industry, more jobs and great press to political leaders that implement such measure, but limiting development of a free market offer. Pacific Hydro's Grant says that although it might mean paying a higher price for the equipment, the access to cheaper lines of financing offsets the cost. No matter what, one cannot discuss the development of the wind market without mentioning Brazil, Latin America's largest wind power player. Brazil accounted for the lion's share of installed wind capacity growth, adding 1077MW in 2012.
The majority of Brazil's resources, which are estimated by GWEC to be more than 350GW, are mostly in the Northeast with some in the south of the country too. Current projections envision 16GW of wind power installed in the country by the end of 2021. According to GWEC, Mexico more than doubled its installed wind capacity during 2012, adding 801MW for a total of 1370MW installed.
Looking forward, much of Mexico's future will depend on how the process to open its energy sector for private investors evolves. Currently, wind projects can be used to supply energy to specific projects, but only the government can feed into the grid. One milestone that occurred in 2012 for Mexico is that new wind capacity was installed outside of the traditional wind rich area of Oaxaca.
The previously mentioned GEASSA wind farm, slated to be Latin America's largest, is a big deal. Government mandates, which in 2010 established a renewable energy target of 20% by 2020 (doubling the goal at the time of 10%), were discarded in 2012 as infeasible.
Venezuela, also awash in its own political and economic turmoil, also appears an unlikely candidate for wind investment. Peru is a new player in the renewables space, although hydro and natural gas resources make it less likely to become a global wind power. Another country with potential and some signs of interest from the political forces is Colombia.
The potential is real, and in some cases wind is now competing to take a spot as an alternative source of power for Latin American economies, but lots of work is yet to be done.
Local projects funded by BDNES might not have much choice, but MAKE's Gaylord points out that the higher cost of producing in Brazil, coupled with the downturn in Europe and US, thus shifting vendors eyes to Latin America, make it a hard prospect. Clipping is a handy way to collect and organize the most important slides from a presentation. Recortar slides e uma maneira facil de colecionar slides importantes para acessar mais tarde. In order to stimulate more electrical energy production in Chile two tranches of legislation were passed in 2004, which have opened the door for renewable power generators to connect to the national grid (image shows the 2 MW Alto Baguales wind farm).
In total Latin America spans over 21,000,000 km2 and is home to a wide range of environments.
Despite major regional diversity, there appears to be a growing will among Latin American policy makers and business leaders to make countries in the region a much more attractive proposition for renewable energy developers. The regulatory framework is anything but congruent, with a wide range of scenarios ranging from state-run monopolies (controlling almost all energy production) to über-free market driven policies that give no breaks for clean technologies.
According to the Latin American Wind Energy Association (LAWEA)'s 2009-2010 annual report, the growth in wind power installation gained momentum in 2009, hitting growth rates of 100% – compared to 20% in 2008. Much of the growth comes from Latin American energy regulators that are looking to use renewable energy as a general development plan to boost countries' economies. However he also stresses that there are a number of countries that need greater political and economical stability in order for investors to put down the capital necessary to get wind projects off the ground. According to a study by IHS Emerging Energy Research (EER), Latin America is on the cusp of a larger growth cycle. For the study's principal author, analyst Vincent Gautier, wind energy has been slow to take hold in the region due to a preference for large-scale hydropower projects.
But Gautier believes prices for wind turbines and other components have dropped sufficiently, making wind a more feasible option for energy generation. Furthermore, despite the impact of the economic crisis on liquidity for lenders, and in turn large wind projects, there has been enough financing available through development banks set aside for Latin America to keep new projects active. Brazil sits as a regional torchbearer for the potential installed capacity of not just wind energy, but renewable energy sources in general. While much of this potential is due to the country's expansive landscape and large population, GWEC's Fiestas believes progressive regulatory action and public-private sector co-operation are jointly responsible for the country's leadership in the wind sector. Also, the Government's decision to use feed-in tariffs has provided investors a stable economic proposition, which is needed to push large wind projects forward.

According to GWEC's annual report, Brazil had 606 MW of wind power installed at the end of 2009 (cumulative), but has a potential 143 GW of power in exploitable resources, mostly in the north-eastern coastal region of the country. Brazil's wind incentives have taken shape as a result of the 2002 Brazilian Renewable Energy Incentive Program (PROINFA), which established the ground rules for connecting wind farms to the national grid (as well as introducing the FiTs). Across the country there are a total of 33 operational wind farms, 14 under construction, and a mass of approved projects that have not started construction. Just days after the Brazilian government contracted more than 2,000 MW of wind power, GWEC, ABEEolica and Brazilian media group CanalEnergia hosted Brazil Windpower 2010, the region's first industry-led conference and exhibition. During the three Brazilian wind and renewable energy auctions in December 2009 and August 2010, a total of more than 3,850 MW were contracted, spread across 141 projects. The Brazil Windpower 2010 event was attended by 1,836 industry participants from 27 countries, and sponsored by 21 companies, including Eletrobras, Vestas and Wobben Enercon. Looking forward, some 1.8 GW were approved through an auction held by the country's energy regulator ANEEL in December 2009, granting licences to 71 new projects.
In addition to installing wind farms, Brazil's position as a mining, technology and manufacturing powerhouse in Latin America makes it a natural choice for turbine manufacturers wanting to bring factories to the country, both for serving the national market and for exporting turbines to other Latin American countries.
In the last three years several large wind equipment manufacturers, have chosen Brazil as a location to install new turbine and blade factories. The EER study also cited Brazil as the probable Latin American location of choice for wind turbine manufacturing. Having the second-largest population in Latin America, Mexico is also a natural industrial leader, and a wind development scenario similar to Brazil's is feasible. The Mexican Government has taken a different approach towards encouraging projects, choosing to directly subsidise studies (and construction) once they have been successfully completed. Due to its status as an outsourcing and manufacturing centre for US companies, Mexico also has potential as an industrial production centre for wind turbines and equipment. With a population of nearly 16 million, and over 4000 km of coastline, the narrow country of Chile offers a unique scenario for wind energy.
In order to stimulate more electrical energy production, two tranches of legislation were passed in 2004, which have opened the door for renewable power generators to connect to the national grid.
Apart from the 168 MW of wind power, another large wind project, the Talinay Wind Park, is scheduled to bring 125 MW of installed power in 2012.
Costa Rica is another example, like Chile, of a small country where wind power could be used to complement limited production capacity.
For its part ICE has identified the central volcanic mountain range as being an area potentially rich in wind resource, estimating in one of its studies that 600 MW of wind energy could be profitably exploited. Although moving wind energy forward in the country will be complicated due to the country's monopoly structure, Costa Rica could have potential as a production centre for turbine and turbine supply equipment. Another 215 MW of wind power projects are in different planning stages, but according to LAWAE, the low base electricity demand in the country (300 MW average) complicates how these projects will be used. The most likely scenario is that they must wait until the Central American Electrical Interconnection System (SIEPEC) is online. Colin Bennett is based in Santiago, Chile, and is Renewable Energy Focus' Latin America correspondent.
This article first appeared in Renewable Energy Focus, Volume 11, Issue 5, September-October 2010. This clearly written and comprehensive text examines the uprising of politically and economically marginalized groups in Latin American societies. Latin American Social Movements in the Twenty-first Century: Resistance, Power, and Democracy ePub (Adobe DRM) can be read on any device that can open ePub (Adobe DRM) files. However, the solar power company remained committed to looking for other growth opportunities in the market. As the energy prices have fallen by 50%, there have been increased merger and acquisition (M&A) activities in the industry in the past year.
In the second quarter of 2015 (2QFY15, ended June 30, 2015), the company posted a net loss of $263 million, up from 2QFY14 loss of $55 million. The company will record a one-time charge of $30-40 million for severance payment and other benefits in 1QFY16, for the sacked employees. This takeover was not welcomed by investors and the stock fell following the announcement of the acquisition.
These deals, which the company had undertaken for its benefit, have pushed it into a record level of debt. The solar company has also suffered due to these reasons, having become laden with debt, and lost efficiency. A major conference in Santiago tackled the barriers to energy independence, reports Colin Bennett. The potential for wind power is especially strong in terms of the raw resources and provides a road for governments to develop a domestic source of energy to complement the region's current dependence on large hydro generation. Further into the index is another interesting gem: Brazil, says the firm, is losing its status in wind as the country's regulators look to boost other sectors.
This is not based on current capacity, but on its pipeline of projects and potential, E&Y notes.
This thirst for capacity creates a space for new players as well, and many countries are looking to bolster their domestic energy supply. According to Pacific Hydro CEO Rob Grant, in both markets where the company operators it has benefited from lulls in hydro production, which push the energy price up and tend to lead to greater use of wind power. Grant says that while there is potential throughout Latin America, the prime opportunity for creating a wind production scenario that can compete in the broader utilities market is in Brazil. In the case of Pacific Hydro, obtaining sufficient long-term data to verify resources and site suitability has been a challenge. Its main project in Chile is a 106MW farm, Punta Sierra, located in Chile's north, near the city of Coquimbo. The Chinese, looking to deploy turbines from its industry, are using cheap loans to compete with other manufacturers like Vestas or GE.
Add politics, as GEASSA said at the time that the then premier of the State Council of the People's Republic of China, Wen Jiabao, was on hand to sign the agreement for the 1350MW facility. In Brazil a 60% local content requirement is in place for projects receiving financing from the BDNES Development Bank, a main source of local financing for wind projects, and project tenders. Complementing its substantial hydro and biomass resources, wind power has provided an avenue for the country to expand its domestic supply of energy, although the country has not wavered in pushing fossil fuel extraction and energy production either. However GWEC says to active sustained development, the country's policy framework must be adapted to offer a support system and greater legal security in the processing of projects. This growth has placed Mexico on the list of 24 countries with more than 1000MW of capacity.
The sector has been under the control of state regulators and a state run oil monopoly Pemex for eight decades. If reforms allow private investors to feed into the transmission lines and the new energy strategy does indeed focus on promoting renewables, then this will become a key market to watch moving forward.
Although modest (10MW in Baja California and a Grupo Salinas run 28.8MW project in Chipas) it is a sign that wind could reach more parts of this nation. The current political and economic scenario does not encourage large-scale investments from private firms. Its wind resources are unprecedented, as its southern corridor are essentially one gigantic wind tunnel. However, in January legislators looked to lower technical requirements to get new projects online faster and push the 2020 target to 15-20%, putting renewables back on the table. Looking at the possibility of a peace deal with the Farc guerilla group, hitting new records of foreign direct investment and building out basic infrastructure are now greater possibilities, especially as its oil industry pumps out more than a million barrels a day, starting in 2013.
This year has brought even bigger developments as the government says it will develop 1GW of wind power by 2015. However this supply of equipment is likely to outpace the demand in the mid-term and a logical train of thought is that it will mean an opportunity for manufacturers to supply equipment to projects in other Latin American markets.

Wind power in particular has the advantage that it's a good fit for hydropower – Latin America's primary electrical generation method. In addition, the pipeline for new developments is substantial, with numerous large-scale wind farms set to become operational in the coming years,” the Group's annual report reads. Over the next 15 years EER predicts a 12.6% compound annual growth of installed wind power, reaching 46 GW as a region by 2025.
In fact a 2009 report from the United Nations Environment Program (UNEP) heralded Brazil as the country with the most potential (worldwide) for renewable energy. These projects together will bring the country's cumulative installed capacity up to 3140 MW.
Despite the price achieved by the winning bids, the volume of the contracted capacity coupled with government efforts to create a favourable environment for wind power raise expectations for strong market development. The Brazil Windpower 2011 conference & exhibition will take place during the first week of September 2011.
Wobben Wind Power has manufactured turbines in Brazil since 1994, and new players such as IMPSA Wind, TECSIS, Suzlon and Vestas have all started manufacturing – both for local PROINFA projects as well as for export. This would put the country in line to receive a large share of the market, which is expected to grow from just under US$1 billion in 2009 to more than US$2.2bn by 2015. But the country is still taking its first steps towards a more dynamic and broad wind production layout, with most of today's activity focused in the state of Oaxaca, along the southern coast of the country.
Today the state is home to two of the country's three functioning wind parks: La Venta I and La Venta II. The regulatory framework to encourage renewable energy generation is still relatively new, with a first bill passed in 2008 – which only took effect in 2009.
However, according to the LAWEA, this industry is still in its infancy, though interest in Mexico from international wind equipment manufacturers is growing. According to GWEC, Chile already has 168 MW of installed capacity, 148 MW of that added in 2009. Unstable fuel prices and rainfall paired with natural gas cuts from neighbouring Argentina have forced Chilean officials to rethink their energy strategy. These projects are focused in the northern central region of the country, near the city of Copiapo. The far north of the country, the Atacama Desert, could also be a location for wind projects that feed directly into the copper mining industry, a trend already present for geothermal and, to some degree, solar energy. In terms of its electrical production market, the landscape is dominated by the state run monopoly, ICE, and only 15% of power may be legally generated by private firms. Over the next 15 years EER predicts a 12.6% compound annual growth of installed wind power - reaching 46 GW as a region by 2025. According to LAWEA, Costa Rica's educated population, favourable investment climate, not to mention its political and economic stability, all make the country a possible future destination for companies that fabricate components – not to mention the turbine manufacturers themselves.
Undoubtedly this region has excellent windy resources and its only a matter of time when Latin America will figure prominently on the Global Wind Energy map.
Specialists in a broad range of disciplines present original research from a variety of case studies in a student-friendly format. The Missouri-based company also stated that it will continue to work with other energy companies to increase its presence in the Latin America’s power market. On October 7, SunEdison will conduct an investor presentation, in which its Board of Directors will provide an update on the company’s operation and its future expenditure plans. Carlinsky, the lawyer representing Latin American Power said Sunedison’s claims were baseless.
He added that though the company is disappointed from the failure of the deal, it would look to capitalize on other viable opportunities in Latin America, and continue to work with its partners there. Earlier, it announced cutting its workforce by 15%, and faces expenses of about $30-40 million due to the layoffs. The investors pointed out issues with efficiency at the company, as second quarter results this year have been worse than expected. The debt burden increased from $7 billion at the 2014 year-end, to $10.7 billion at June-end this year.
The company is expected to cut further costs and investors await a conference call from the company today. The country rose to the 25th rank in wind, out of 40 countries around the world covered in E&Y's index.
The company is participating in a number of projects and expects over the long term a good part, even a third, of its business to be founded in Brazil as the company moves forward. Failing to do good due diligence, the CEO says, could result in disappointing results once the projects are online.
He also believes that the requirement has been effective in spurring the local manufacturing market in Brazil. Over the year, 40 new wind farms came online, adding about 1GW of new capacity and creating 15,000 new jobs. While the announcement is a game changer for the energy sector in general, its focus is to draw investment into its oil and gas sector, which has seen production falter over the last eight years. The government's takeover of Repsol and a willingness to intervene in the energy sector, among others, has frozen interest in developing the potential to harness wind. Apart from large scale hydro projects which have suffered from droughts recently, Chile has very few domestic energy options. This year, 2013, is an election year, and energy prices are a recurring issue in the local press. The first major development which falls into this plan is at the hands of Paris based Akuo Energy, which will invest US$205mn in two wind farms, totaling 92MW, scheduled for operations at the end of 2013. From the winds of southern Patagonia to Pacific winds hitting Oaxaca in Mexico, the potential for wind power is vast. LAWEA credits this growth to a desire by Governments and Regulators to complement hydropower with wind. La Venta I was constructed in 1994, and has a capacity of nearly 9 MW, while the La Venta II project brought 84 MW online at the end of 2008. For renewable energy in general the biggest obstacle has been the country's dedication to free market principles i.e. Transmission infrastructure & subsequent Power evacualtion facilities will however be one of the key challenges that would impede an imminent growth of the wind energy sector especially in those countries who have a poor grid infrastructure. Part introductions help students contextualize the essays, highlighting social movement origins, strategies, and outcomes. However, now Latin American Power’s management has backed out from its plan of selling the company. He added that the company was confident that records, once public, would reveal the solar company had breached its contractual obligations. Also placing in the financial consultant's index for the first time, Peru reached 26, just ahead of Mexico at 29. But the aftermath of Chavez is no place for private wind investors, most commentators suggest.
But with so many basic needs in the country's regions, will renewables, and wind in particular become a priority?
Thematic sections address historical context, political economy, community-building and consciousness, ethnicity and race, gender, movement strategies, and transnational organizing, making this book useful to anyone studying the wide range of social movements in Latin America. Brazil, even if its momentum has slowed, still holds the top ranking in Latin America however, coming in at 15 place overall.

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