{"id":7222,"date":"2015-12-09T23:09:07","date_gmt":"2015-12-10T04:09:07","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/sunedison-the-renewable-supermajor-stumbles\/"},"modified":"2015-12-09T23:30:01","modified_gmt":"2015-12-10T04:30:01","slug":"sunedison-the-renewable-supermajor-stumbles","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/sunedison-the-renewable-supermajor-stumbles\/","title":{"rendered":"SunEdison: The Renewable Supermajor Stumbles"},"content":{"rendered":"<p>In 2015, SunEdison was positioned to be the \u201cfirst Renewable Energy Supermajor\u201d with over 6 GW of solar and wind projects under operation and a pipeline of 8.1 GW of renewable energy projects.<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> On July 20, 2015, SunEdison announced a $2.2 billion acquisition of Vivint Solar, a residential solar installer.<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a> Shortly after, SunEdison\u2019s stock price went into free fall and plummeted from $33.45\/share to $8.31\/share.<a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a> The company\u2019s aggressive growth strategy now threatened\u00a0to compromise its own operating model.<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-falling-stock-price.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-7103\" src=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-falling-stock-price-300x192.png\" alt=\"SunEdison falling stock price\" width=\"300\" height=\"192\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-falling-stock-price-300x192.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-falling-stock-price.png 580w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><strong>Business Model<\/strong><\/p>\n<p>SunEdison\u2019s core business is to develop large-scale solar and wind projects and then to sell these projects to third-parties or its \u201csemi-captive yield companies\u201d for a profit. <a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a> These projects require a significant capital investment upfront, but have no fuel costs and low operating costs over the project&#8217;s twenty-year life. In addition, large-scale projects produce reliable, high-margin cash flows through long-term power purchase agreements with electric utilities.<a href=\"#_ftn5\" name=\"_ftnref5\">[5]<\/a> SunEdison\u2019s business model depends on acquiring, developing, and constructing energy projects in high-resource locations. As a result, the company relies on a large development pipeline to sustain its growth. Currently, SunEdison has 1.9 GW of projects that are under construction and 8.1 GW of projects in its development pipeline.<a href=\"#_ftn6\" name=\"_ftnref6\">[6]<\/a> In addition to organic development, SunEdison has tripled its project pipeline over the past year by aggressively acquiring other energy developers, including First Wind for over $2 billion in 2014.<a href=\"#_ftn7\" name=\"_ftnref7\">[7]<\/a><\/p>\n<p><a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Solar-farm-image.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7131 aligncenter\" src=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Solar-farm-image.jpg\" alt=\"Solar farm image\" width=\"294\" height=\"183\" \/><\/a><strong>Operating Model<\/strong><\/p>\n<p>SunEdison\u2019s profitability depends on executing low-cost projects. The company\u2019s operations are vertically integrated and the technical, construction, and business development teams support projects from early stage through operation.<a href=\"#_ftn8\" name=\"_ftnref8\">[8]<\/a> By reducing the development timeline for projects, the company is able to more accurately estimate project costs, win competitive bids for utility-scale generation, and deliver projects under budget. SunEdison has capitalized on falling solar panel prices through its own manufacturing operations and by partnering with low cost module suppliers to ensure that its projects have access to the cheapest panels available.<a href=\"#_ftn9\" name=\"_ftnref9\">[9]<\/a> Finally, SunEdison has used innovative financial engineering through yield companies in order to reduce its cost of capital and access new sources of funding before a key tax credit expires at the end of 2016.<a href=\"#_ftn10\" name=\"_ftnref10\">[10]<\/a><\/p>\n<p><a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-projected-growth-path.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-7217 aligncenter\" src=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-projected-growth-path-300x219.png\" alt=\"SunEdison projected growth path\" width=\"300\" height=\"219\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-projected-growth-path-300x219.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-projected-growth-path-600x438.png 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-projected-growth-path.png 972w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><strong>Vivint Acquisition<\/strong><\/p>\n<p>On July 21, 2015, SunEdison announced that it would acquire Vivint, the second-largest residential solar installer in the country and its 523 MW portfolio of rooftop solar projects.<a href=\"#_ftn11\" name=\"_ftnref11\">[11]<\/a> The Vivint acquisition would provide SunEdison with a new team for originating rooftop solar projects through Vivint\u2019s door-to-door sales model. In addition, SunEdison could use Vivint\u2019s portfolio of rooftop solar projects to expand its own development pipeline and sustain the company\u2019s ambitious levels of growth.<a href=\"#_ftn12\" name=\"_ftnref12\">[12]<\/a><\/p>\n<p>The Vivint acquisition, however, did not align with SunEdison\u2019s operating model. SunEdison has achieved record growth by pursuing large, high-margin projects that were guaranteed by contracts with utilities. Vivint, on the other hand, focused on small-scale, low-margin projects with high customer acquisition costs. Vivint has competed successfully against other rooftop solar companies, such as SolarCity, by using a door-to-door salesforce to generate leads and close rooftop solar deals. By contrast, SunEdison\u2019s internal teams are organized to take a utility-scale project from site selection to construction within two years. Once a project began construction, it would be at least nine months before the project was operating and could be sold to a third-party.<a href=\"#_ftn13\" name=\"_ftnref13\">[13]<\/a> Moreover, the business development and project finance teams at SunEdison did not work directly with customers or with small-scale projects. Instead, the business development team primarily focused on other developers and the project finance team negotiated with banks and tax equity investors to secure financing for individual projects. To support the Vivint sales model, SunEdison would need to completely overhaul its operating model or to create two distinct operating models\u00a0within the company.<\/p>\n<p><a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-and-Vivint.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-7216 aligncenter\" src=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/SunEdison-and-Vivint-300x168.jpg\" alt=\"SunEdison and Vivint\" width=\"300\" height=\"168\" \/><\/a><\/p>\n<p><strong>The Market Reacts<\/strong><\/p>\n<p>Today, SunEdison\u2019s share price has fallen below $5 per share as the company struggles to integrate Vivint\u2019s line of business into its operating model.<a href=\"#_ftn14\" name=\"_ftnref14\">[14]<\/a> At this point, SunEdison\u2019s market cap of $1.25 billion is lower than its $2.2 billion acquisition of Vivint and it may be forced to walk away from the deal.<a href=\"#_ftn15\" name=\"_ftnref15\">[15]<\/a>\u00a0After the market repudiated SunEdison&#8217;s acquisition spree, the company&#8217;s business model is now in jeopardy and it has recently announced plans to cut back significantly on growth. SunEdison will need to pursue a more disciplined path to growth in order to become the next energy supermajor.<\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a>\u00a0<a href=\"http:\/\/www.conferencecalltranscripts.org\/summary\/?id=1860076\">SunEdison Conference Call with Investors, July 22, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a>\u00a0<a href=\"http:\/\/investors.sunedison.com\/phoenix.zhtml?c=106680&amp;p=irol-newsArticle&amp;ID=2068965\">SunEdison Press Release Announcing Vivint Acquisition, July 20, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a>\u00a0<a href=\"http:\/\/seekingalpha.com\/article\/3498406-the-case-against-sunedison\">Seeking Alpha: &#8220;The Case Against SunEdison,&#8221; September 9, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a>\u00a0<a href=\"http:\/\/www.fool.com\/investing\/general\/2015\/10\/25\/how-can-sunedison-save-itself.aspx\">The Motley Fool: &#8220;How Can SunEdison Save Itself?&#8221;<\/a><\/p>\n<p><a href=\"#_ftnref5\" name=\"_ftn5\">[5]<\/a>\u00a0<a href=\"http:\/\/www.valuewalk.com\/2015\/09\/bronte-capital-sun-edison-sune\/\">ValueWalk: Bronte Capital Raises Further\u00a0Questions about &#8216;the SunEdison complex,'&#8221; September 18, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref6\" name=\"_ftn6\">[6]<\/a>\u00a0<a href=\"\/\/www.solarserver.com\/solar-magazine\/solar-news\/current\/2015\/kw32\/sunedison-announces-19-gw-under-construction-project-pipeline-adds-up-to-81-gigawatts.html\">SolarServer: &#8220;SunEdison announces 1.9 GW under construction, project pipeline adds up to 8.1 GW,&#8221; August 6, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref7\" name=\"_ftn7\">[7]<\/a>\u00a0<a href=\"http:\/\/www.forbes.com\/sites\/antoinegara\/2015\/11\/13\/sunedisons-big-slide-when-financial-engineering-goes-wrong\/\">Forbes: &#8220;SunEdison&#8217;s Big Slide When Financial Engineering Goes Wrong,&#8221; November 13, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref8\" name=\"_ftn8\">[8]<\/a> Conversations with SunEdison employees in May 2015.<\/p>\n<p><a href=\"#_ftnref9\" name=\"_ftn9\">[9]<\/a> <a href=\"http:\/\/seekingalpha.com\/article\/3498406-the-case-against-sunedison\">Seeking Alpha: &#8220;The Case Against SunEdison,&#8221; September 9, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref10\" name=\"_ftn10\">[10]<\/a>\u00a0S<a href=\"http:\/\/seekingalpha.com\/article\/3678176-sunedison-should-ultimately-walk-away-from-the-vivint-solar-acquisition-and-fire-its-ceo\">eeking Alpha: &#8220;SunEdison Should Walk Away,&#8221; November 12, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref11\" name=\"_ftn11\">[11]<\/a> <a href=\"http:\/\/www.conferencecalltranscripts.org\/summary\/?id=1860076\">SunEdison Conference Call with Investors, July 22, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref12\" name=\"_ftn12\">[12]<\/a>\u00a0<a href=\"http:\/\/www.greentechmedia.com\/articles\/read\/sunedison-acquiring-vivint-solar\">Greentech Media: &#8220;Feeding the Beast: SunEdison Plans to Buy Vivint Solar,&#8221; July 20, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref13\" name=\"_ftn13\">[13]<\/a> Conversations with SunEdison employees, May 2015.<\/p>\n<p><a href=\"#_ftnref14\" name=\"_ftn14\">[14]<\/a>\u00a0<a href=\"http:\/\/finance.yahoo.com\/q?s=SUNE\">Yahoo Finance: SunEdison, accessed December 9, 2015.<\/a><\/p>\n<p><a href=\"#_ftnref15\" name=\"_ftn15\">[15]<\/a> <a href=\"http:\/\/finance.yahoo.com\/q?s=SUNE\">Yahoo Finance: SunEdison, accessed December 9, 2015.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Has the fastest growing solar company overheated its operating model?<\/p>\n","protected":false},"author":1000,"featured_media":7223,"comment_status":"open","ping_status":"closed","template":"","categories":[],"class_list":["post-7222","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/the-tom-challenge-tom-winners-and-losers-assignment\/","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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