The CEO of TerraForm Global and TerraForm Power—two spinoffs of the solar energy company SunEdison (SUNE)—abruptly resigned Wednesday.
In the interim, an “office of the chairman,” led by independent director and chairman Peter Blackmore, will oversee the companies, they announced. No reason was given for CEO and President Brian Wuebbels’ departure.
TerraForm Global and TerraForm Power are “yieldcos” of SunEdison, which mean they were formed to own and control SunEdison’s power plants. SunEdison is a controlling shareholder—so when the former Wall Street wunderkind, now saddled with $12 billion in debt, was revealed to be teetering on the brink of bankruptcy Tuesday, its yieldcos said they would be impacted too.
TerraForm Global’s shares fell more than 20% on Tuesday, and the yieldcos announced they would follow SunEdison’s lead and delay filing their annual financial reports.
Coins2Day has reached out to TerraForm Global and TerraForm Power for comment and will update this post if the companies reply.