SunEdison Inc (OTCMKTS:SUNEQ) has reached an agreement to sell one of its wind farms in Maine to a wind energy investors in San Francisco. Bankruptcy filings show that the deal is worth more than $26 million. The solar firm has been actively trying to sell off its $20 billion worth of assets as part of the bankruptcy process.
SunEdison Inc Agrees to Sell Maine Wind Farm
Last month, SunEdison took on Rothschild to be in charge of selling its portfolio of assets. After finding potential suitors in India, the firm has found another buyer in the U.S.
The Bangor Daily News reports that the bankrupt solar firm sold the developmental rights for a massive wind farm in Maine to a San Francisco-based wind energy investors.
According to the report, Pattern Energy Group agreed to acquire the proposed King Pine wind project from SunEdison for $26.5 million. Preliminary plans involve erecting 174 Vestas V136-3.45 MW wind turbines in Aroostook and Penobscot Counties.
If construction is completed, the 174-turbine wind project would have about three times the capacity of the state’s biggest wind farm to date. Reportedly, the King Pine wind project deal will be finalized once it wins a clean energy supply contract from an organization of southern New England states.
The deal is scheduled to expire if it isn’t completed by Oct. 27. The review of the agreement is expected to take place until July 27. The deal would see Pattern pay SunEdison $13.5 million and another $13 million at closing for the purchase.
SunEdison has been riding a wave of momentum over the past week or so. It was confirmed that SunEdison recently received approval from a bankruptcy court to be given up to $300 million in debtor-in-possession financing to maintain operations and to ensure current projects aren’t disrupted.
The solar firm filed for bankruptcy in late April, disclosing that it had $20 billion in assets and more than $16 billion worth of liabilities. The stock collapsed 99 percent after expanding too quickly, taking on too much debt and cooking the books.
What Has SunEdison Inc Been up to?
The bankruptcy proceedings for SunEdison have been very interesting to say the least.
Shareholders are trying to establish a representative committee in order to recover funds. However, SunEdison attorneys have continually urged shareholders to end this initiative because it is in “hopeless insolvency” and it would be impossible for investors to recover anything “meaningful.”
It was recently discovered that SunEdison received approximately $5 million in federal grants and loans just prior to filing for bankruptcy.
The solar company announced the reduction of 43 local jobs as it restructures the entire firm.
According to several reports, SunEdison is on the cusp of selling off all of its Indian assets and projects to an oil, wind and coal firm for an undisclosed sum. The Adnani Group confirmed that it has been approached by investment bankers about possibly buying the projects with a total capacity of 1,318 MW.
The solar firm presently has interests in the U.S., India and Europe. So far, there have been interested buyers in India, Hawaii, Japan and Maine. It’s unclear as to what’s going on with its other assets.
