Image source: SunEdison.

What: Shares of yieldco TerraForm Global Inc (NASDAQ: GLBL) fell 25% further in March as its disastrous financial position continues to get worse.

So what: TerraForm Global is the creation of SunEdison, the rapidly failing renewable energy developer. And it's that tie that brought the stock down in March, which is just a continuation of a drop since its IPO.

The worst news came late in the month when TerraForm Global said in an SEC filing there was "substantial risk that SunEdison will soon seek bankruptcy protection." And with that TerraForm Global may see accelerated debt maturities and even default on some power purchase agreements.  

Early in April, the company also filed suit against SunEdison over $231 million it paid for assets in India. The company claims "breach of fiduciary duty, breach of contract, and unjust enrichment" by SunEdison, who it claimed used the money to bolster its own balance sheet instead of building projects.  

Now what: The problem for investors now is that we don't know exactly the impact SunEdison's bankruptcy might have on TerraForm Global. There's a very real chance it could bring the yieldco itself to its knees, especially with the lost India funds and potential for accelerated debt maturities. For that reason, even the discount the market gave the stock in March isn't enough to turn me bullish on TerraForm Global.