Financially strapped SunEdison saw its $2.2 billion acquisition of Vivint Solar rooftop solar company abruptly canceled Tuesday by Vivint.
Vivint cited an alleged “willful breach of the merger agreement” by SunEdison as the reason for pulling out of the deal. The acquisition was widely criticized for months by investors who have bemoaned how leveraged SunEdison is with debt after making too many acquisitions.
SunEdison quickly grew into the world’s largest renewable energy developer and is building a handful of solar and wind farms in West Texas and the Panhandle. The company is headquartered in Missouri with an operational base near San Francisco.
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