US-based solar power giant SunEdison’s takeover of Latin America Power, a private equity-owned company, has reportedly fallen through.

The intended merger failed as a result of concerns raised by SunEdison regarding the deal, which was expected to be closed by the end of September.

SunEdison intended to buy Latin America Power much earlier in the year. The deal was expected to be in the region of $700m, including payments for future milestone projects.

The Wall Street Journal reported that Sunedison failed to make a $400m up-front cash payment.