SunEdison granted OK of $24 million sale of subsidiary interests

By Caroline Salls

Pittsburgh, July 15 – SunEdison, Inc. received court approval to sell the interests in its Imperial Valley Solar 3, LLC, Imperial Valley Solar 4, LLC and Sun Lake Solar, LLC subsidiaries to 93LF 8ME LLC, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

The gross purchase price for the equity interests is $24 million, subject to deductions for unpaid and extinguished liabilities and a holdback amount of $250,000.

The company said it estimates that the net purchase price immediately available to its estates, excluding the escrowed funds, will be $5 million.

SunEdison said the progress of its photovoltaic energy project located in Imperial Valley, Calif., is currently in development by the buyer, but the progress of development has greatly slowed since SunEdison’s bankruptcy filing.

The company said the ongoing ability to fully develop the project is threatened by the looming expiration of the interconnection rights owned by the subsidiaries, meaning any buyer would be forced to expend significant funds in order to proceed further to develop, begin construction and, ultimately, complete the project.

Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21 under Chapter 11 case number 16-10992.

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