925: Ahmad Chatila & Jigar Shah on Solar’s Capital Problem

925: Ahmad Chatila & Jigar Shah on Solar’s Capital Problem

From SunCast by Nico Johnson

April 23, 2026 · 26 min · Season 18 · Episode 925

About this episode

Ahmad Chatila and Jigar Shah discuss the rise and fall of SunEdison, examining the competitive strategies and financial missteps that led to its challenges.

Most people [who have been in the industry awhile] have opinions about SunEdison. This is one of the first times Ahmad Chatila and Jigar Shah have sat down together to compare notes on how it actually played out. Both were inside it. Both made the bets. Both saw things others didn’t. In this conversation, the two leaders who helped build one of solar’s most ambitious companies sit down to examine how it actually worked and why it did not hold. They walk through the operating logic that made SunEdison so competitive. Using semiconductor-style cost modeling to see price declines before the market. Making audacious bets on equipment inputs. Structuring deals that looked aggressive at the time but consistently won. Ahmad explains how lessons from silicon manufacturing shaped that thinking and created a real edge. But they also get clear on what ultimately determined the outcome. The strategy worked. The cost curve was real. The execution was there. What broke was the financial architecture behind it. A capital structure that depended on continuous demand. A global footprint that introduced currency and market friction. And a model that moved faster than investors were willing to…

People in this episode

Host: Nico Johnson

Guests: Ahmad Chatila, Jigar Shah

Topics covered

  • SunEdison
  • solar energy
  • capital structure
  • financial architecture
  • semiconductor cost modeling

Keywords

  • solar
  • investment
  • market dynamics
  • business strategy

Mentioned in this episode

Products: OpenSolar OS 3.0

Places: India

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