Advertisement

SunEdison 363 Sale Approved

Advertisement

The U.S. Bankruptcy Court approved SunEdison’s motion for an order (a) approving the sale of certain equity interests in seven Minnesota projects free and clear to purchaser AES Distributed Energy, (b) approving certain releases in connection therewith and (c) granting related relief.

As previously reported, “Aside from the Project Companies covered by the SoCore Sale, one additional Project Company is included in the Sale Transaction – the Stolee project. he PSA contemplates the sale of the Equity Interests in the companies that own the Sale Projects (the ‘Project Companies’) to the Buyer for a total of $20,851,700, subject to certain adjustments, and is comprised of a $13,173,250 development fee (the ‘Base Price’), reimbursement of $3,300,000 of deposits under the State of Minnesota’s Community Solar Garden Program (“CSG Deposit Fees”), and reimbursement of $4,378,450 in estimated interconnection costs (the “Estimated Interconnection Costs”) previously paid for by the Debtors (collectively, the ‘Purchase Price’).”

In addition, “Once the Seller confirmed that SoCore was not interested in closing on the Sale Projects, it began a further marketing process to solicit additional bids, which ran from September 15 through September 30, 2016. The Seller received four bids during the course of this final process. The Buyer’s bid was initially the second highest bid, however the high bidder presented substantially greater execution risk. After significant negotiations, the Buyer agreed to match the highest bid by providing an additional $500,000 in consideration. As a result of these factors, the Seller selected the Buyer to purchase the Equity Interests.”

Read more energy bankruptcy news.