Utilities, Industrial, Solar, Wind - September 13, 2016
NRG wins auction for 2.1 GW of SunEdison assets
Houston-based independent power producer NRG Energy Inc. has won a bid to purchase approximately 2,100 MW of renewable energy projects owned by SunEdison Inc., which is in the midst of bankruptcy proceedings.
SunEdison reported in a court filing that NRG's $144 million bid for the assets beat out 33 other offers in one of several bankruptcy-related auctions the embattled renewable energy developer is holding. Though SunEdison named NRG as the winner of this auction in its court filings released Sept. 12, a judge is expected to confirm that information at a hearing scheduled for Thursday.
"We're pleased with this significant milestone," NRG spokesman Erik Linden said in an emailed statement Sept. 13. "We look forward to working with SunEdison, its clients, stakeholders, and the court to close the transaction, which further reaffirms our ongoing leadership and commitment to renewable energy."
Through SunEdison's bankruptcy process, NRG had executed a purchase and sale agreement for 2.1 GW of SunEdison's utility-scale solar and wind assets in the U.S., according to court filings, which include:
- 200 MW of construction-ready, fully-contracted solar assets in Texas;
- Interest in a structured partnership owning 683 MW dc of nearly-complete, fully-contracted solar assets in Utah; and
- 1.25 GW of solar and wind assets in various stages of development at locations across the U.S.
The purchase and sale agreement provides for total consideration up to $188 million, comprised of an initial payment of $129 million and payment of $15 million upon the execution of designated power purchase agreements for certain assets in development, and up to $44 million in future payments contingent on achieving other development milestones.
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