UBS analyst Julien Dumoulin-Smith says SunEdison's (SUNE) announcement yesterday regarding the paydown of 2020 notes early comes at a cost. The debt paydown accompanies another delay of payments into late 2016 of earnouts due to FirstWind for the bulk of the $125M previously contemplated for Q1, as well as corresponding reduction in interest expense, Dumoulin-Smith says in a New Year's Eve research note titled "Selling the House to Paydown Debt." While reducing near-term liquidity needs, SunEdison will lose 12M of its readily-saleable shares in TerraForm Power (TERP), the analyst contends. He maintains a Sell rating on SunEdison with a $2 price target. The developer and seller of photovoltaic energy solutions is down 4c to $5.03 in early trading.