Embattled renewables firm SunEdison has disclosed that it has received a subpoena from the U.S. Department of Justice (DOJ) regarding the failed acquisition of Vivint Solar and related actions associated with its two yieldco subsidiaries.
SunEdison said in an SEC filing the following:
On March 28, 2016, SunEdison, Inc. (the “Company”) received a subpoena from the U.S. Department of Justice (the “DOJ”) seeking information and documentation relating to: (i) certain financing activities in connection with the Company's acquisition of Vivint Solar, Inc., (ii) the conduct of a former non-executive employee who is alleged to have committed wrongdoing in connection with the Vivint termination negotiations, (iii) the previously disclosed investigations by the Company's audit committee, (iv) intercompany transactions involving the Company and each of TerraForm Power Inc. and TerraForm Global Inc. and (v) the financing of the Company's Uruguay projects in connection with project costs and equity contributions that remain to be contributed by the Company and the DOJ may have additional requests.
SunEdison also said that it had received a non-public, informal inquiry from Securities and Exchange Commission, requesting similar information and documentation on the cancelled acquisition of Vivint Solar, by Vivint Solar.
SunEdison noted that it would co-operate with both the DOJ’s inquiry and the SEC investigation.