SunEdison sells 140MW of US pipeline projects to Edison subsidiary

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
PV project developer and operator SoCore Energy, a subsidiary of Edison is acquiring the equity interests in 22 community ‘solar garden’ development projects in Minnesota. Image: SoCore Energy

US utility Edison International has secured the purchase from bankrupt renewable energy firm, SunEdison around 140MW of solar projects in Minnesota from the Chapter 11 firm’s gigawatts of pipeline projects for a total price of up to US$79.8 million.

PV project developer and operator SoCore Energy, a subsidiary of Edison is acquiring the equity interests in 22 community ‘solar garden’ development projects in Minnesota with several projects commencing construction in the fourth quarter of 2016 and completion of all project development and construction sometime in 2017, according to SoCore. The company is using third-party tax equity and debt financing to fund the building of the projects. 

Robert Scheuermann, president of SoCore Energy said, “These new solar projects will help to strengthen and accelerate our ability to supply clean, reliable and cost competitive renewable energy to our customers in the state. SoCore has the capabilities and track record to deliver these projects and meet the needs of our customers in Minnesota. We work with many customers, partners and stakeholders to deliver solar projects across the United States and are honored to continue to expand our capacity in Minnesota.”

The acquisition of the planned projects was approved by US Bankruptcy Court in New York and continues to indicate the likelihood of a complete SunEdison asset sale under Chapter 11. 

Read Next

December 9, 2021
Investment firm KKR has launched a new utility-scale solar and energy storage development platform, dubbed Stellar Renewable Power.
June 17, 2020
US residential solar installer PetersenDean has filed for Chapter 11 bankruptcy protection.
May 3, 2018
US-headquartered high-efficiency solar module manufacturer SunPower Corp has announced that its long-term Executive Vice President and Chief Financial Officer, Charles D. Boynton would leave the company on July 1 for other career opportunities.
March 6, 2018
ENGIE North America has signed off on an agreement to acquire SoCore Energy — a fully-integrated developer, owner, and operator of municipal/co-op PV, community solar, and commercial and industrial (C&I) PV projects across the US.
January 17, 2018
Dealing with module warranties from out of business manufacturers is a standard problem in today’s market, according to representatives from an advisory firm that oversaw one of the largest renewable energy deals to date.
January 3, 2018
The long and painful saga of SunEdison’s fall from grace would seem to be at an end after the renewables firm officially emerged from Chapter 11 bankruptcy on December 29, 2017.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
December 21, 2021
Free Webinar
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

PV TECH POWER VOLUME 29 OUT NOW—Get 35% off your first year

Solar’s 2030 blueprint