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SunEdison utility project sale, solar materials bid procedures OK’d
By Angela McDaniels
Tacoma, Wash., Sept. 16 – SunEdison, Inc. received orders approving the sale of some North American utility project companies and the bidding procedures for the sale of its solar materials business, according to filings made with the U.S. Bankruptcy Court for the Southern District of New York.
Hearings for the matters were held Sept. 15.
Stalking horse bidder NRG Renew LLC was the successful bidder in the $144 million sale of equity interests in the utility project companies.
The equity interests 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.
Solar materials business
As previously reported, GCL-Poly Energy Holdings Ltd. is the stalking horse bidder for the proposed $150 million sale of SunEdison’s solar materials business.
Under the stalking horse purchase agreement, $100 million of the purchase price would be paid in cash at closing. The balance would be held in escrow and released to the company within 12 months of closing when specified conditions are met.
Competing bids are due by 4 p.m. ET on Oct. 13.
Each qualified bid must be for an amount equal to the sum of the purchase price plus a $4.5 million breakup fee and $2 million expense reimbursement to be paid to GCL-Poly if it is not the high bidder plus $150,000.
An auction will be held at 10 a.m. ET on Oct. 18, if necessary, and the sale hearing is scheduled for 10 a.m. ET on Oct. 20. Bids at auction must be made in minimum increments of $150,000.
Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 16-10992.
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