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Bankrupt SunEdison to go ahead with India expansion plans Asia head

US solar energy company SunEdison Inc filed for Chapter 11 bankruptcy protection on Thursday, becoming one of the largest non-financial companies to do so in the past 10 years.

Once the fastest-growing US renewable energy developer, SunEdison embarked on an aggressive acquisition strategy that left it struggling with $12 billion in debt.

In its bankruptcy filing, the company said it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.

Although solar project developers such as SunEdison continue to benefit from robust demand, their shares have been hit by investor concerns that demand could fall in tandem with weak oil prices.

SunEdison has struggled with its own list of problems, as well. Breakneck expansion during 2014 and 2015 left the company saddled with huge debt.

In addition, the company has become embroiled in disputes with its yieldcos, or publicly-traded subsidiaries that own and operate renewable energy assets, some of which were acquired from SunEdison.

One yieldco, TerraForm Global Inc, is suing SunEdison for breach of contract, alleging it misappropriated $231 million of TerraForm’s cash.

TerraForm Global, which had warned that SunEdison was at “substantial risk” of bankruptcy, said last month that SunEdison, its controlling shareholder, might not transfer to it some solar energy projects in India and Uruguay, and also may not complete other deals.&a