Renewable-energy company SunEdison Inc. plans to shed some 15% of its workforce as part of a restructuring plan following recent acquisitions and amid concerns over market conditions, the company said in a regulatory filing.

The Missouri-based company also said in the filing late Monday that it will face total charges linked to its restructuring plan of between $30 million and $40 million through the first quarter of 2016.

The company had about 7,300 employees, according to recent filings, so these job cuts would apply to around 1,000 employees.

SunEdison said the charges would primarily consist of severance and other benefits to terminated employees. Further details of the plan are expected Wednesday during a conference call with company executives.

Analysts for J.P. Morgan said in a client note Tuesday that they expected SunEdison to reduce expenses by as much as 30% by the middle of 2016, from operating expenses of about $975 million in 2015.

"Mostly this expense containment will come from reduced M&A and business development resourcing levels, reduced geographic scope ... and integration/rationalization of acquisitions," Paul Coster of J.P. Morgan said in the note.

He added that there were market concerns over SunEdison's near-term growth prospects in the face of over $4.5 billion of staggered recourse debt repayments due in coming years.

In a related press release, the company said it would focus on high profit-potential markets such as the U.S, India, China and Latin America, among other actions.

In June, the company said that it plans to invest $15 billion in India by 2022 with company officials saying that they expect growth in the next 15 years to be centered in developing nations, especially India and China.

In addition to its own $15 billion plan, SunEdison earlier this year also agreed to invest about $2 billion in a joint venture with India's Adani Group to build a factory to manufacture equipment for solar power plants.

Last month, SunEdison agreed to acquire a 33% interest in a portfolio of solar assets from Dominion Resources Inc. for roughly $300 million. Under the agreement, SunEdison has an option to acquire the remaining stake in the portfolio, which includes 24 projects in California, Connecticut, Georgia, Indiana, Tennessee and Utah.

Shares of SunEdison were down 1.3% premarket Tuesday.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

 

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(END) Dow Jones Newswires

October 06, 2015 09:45 ET (13:45 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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