SunEdison Restructures Its Rooftop Solar Business

SunEdison Infrastructure Limited, a Chennai-based renewable energy company, has entered into a framework agreement to restructure and transfer under-construction commercial and industrial (C&I) and other businesses of the company to SunEdison Energy Solutions Private Limited, a newly formed joint venture.

SunEdison Energy Solutions is a joint venture company of Sherisha Infrastructure Private Limited, Fenice Investment, South Lake One LLC, and a company proposed to be set up in the United Kingdom by Pashupathy Capital Private Limited.

SunEdison Infrastructure Limited has entered into the agreement with the following entities:

i. South Lake One LLC


ii. Fenice Investment Group LLC

iii. Pashupathy Shankar Gopalan

iv. Anil Jain

v. SILRES Energy Solutions Private Limited

vi. Pashupathy Capital Private Limited

vii. Sherisha Infrastructure Private Limited

viii. Sherisha Technologies Private Limited

ix. Avyan Pashupathy Capital Advisors Private Limited

Under the proposed restructuring plan, completed projects and under-development projects will be separated, and the ones under development will be transferred to the joint venture.

SunEdison’s engineering, procurement, and construction (EPC) business, and the trademark “SunEdison” will also be transferred to SunEdison Energy Solutions through a slump sale. It will include:

i. The EPC business of the SunEdison Infrastructure Limited and the Trademark “SunEdison” as a going concern

ii. 100% of the equity shares held by SunEdison Infrastructure Limited in Ishaan Solar Power Private Limited and SILRES Energy Solutions Private Limited

iii. 36% of the partnership interest (constituting 99.99% of the economic interest) of Sherisha Solar LLP

iv. 51% of equity shares of each of Enrecover Energy Recovery Solutions Private Limited and Megamic Electronics Private Limited

A slump sale is when an undertaking is sold without considering the individual values of the assets or liabilities contained within the undertaking.

Additionally, under the terms of the agreement, South Lake One LLC will invest $10 million (~₹752.9 million) in SILRES, a subsidiary of SunEdison Infrastructure Limited, to fund urgent working capital requirements.

SunEdison Infrastructure Limited is a solar energy solutions provider and works as an installer of solar water pumps and rooftop solar, among other service offerings. The company has been in the news on various occasions in the past over several acquisition developments. The subsidiary SILRES Energy is focused mainly on residential and small commercial rooftop segment. The company is focusing mainly on homeowners and micro, small, and medium enterprises (MSMEs), which form a sizeable chunk of the rooftop segment.

Recently, SunEdison announced that it has entered into a share subscription and shareholders’ agreement with U.S.-based Fenice Investment Group LLC. Under this deal, SILRES Energy Solutions Private Limited was set to sell its shares to the Fenice Investment Group. SILRES Energy was incorporated in October 2019.

In January, Mercom reported that SunEdison Infrastructure Limited (formerly YKM Industries Limited) announced that its subsidiary SIL Rooftop Solar Power Private Limited, acquired 100% fully paid-up equity share capital along with voting rights of Sherisha Solar Private Limited.