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SunEdison interest sale procedures approved; auction set for Sept. 9
By Caroline Salls
Pittsburgh, Aug. 19 – SunEdison, Inc. received court approval of the bid procedures for the proposed $144 million sale of equity interests in some North American utility project companies, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.
NRG Renew LLC is the stalking horse bidder.
As part of its utility business, SunEdison said the sellers own equity or membership interests in project companies that own utility scale projects.
The interests covered by Tuesday’s motion are being sold by SUNE Wind Holdings, Inc., SunE Waiawa Holdings, LLC, First Wind California Holdings, LLC, First Wind Solar Portfolio, LLC, Somerset Wind Holdings, LLC, Buckthorn Renewables Holdings, LLC, Rattlesnake Flat Holdings, LLC, SunE Hawaii Solar Holdings, LLC and Greenmountain Wind Holdings, LLC.
If NRG is not the high bidder for the interests, it will receive a $5.5 million break-up fee and reimbursement of up to $4.5 million of its sale-related expenses.
Competing bids are due by 4 p.m. ET on Sept. 6 and must at least equal the stalking horse purchase price plus the break-up fee and expense reimbursement amounts.
An auction will be held on Sept. 9, if necessary. The sale hearing is scheduled for Sept. 15. Bids at auction must be made in minimum increments of 2% of the proposed purchase price.
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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