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SunEdison debtor looks to sell interests in seven Minnesota projects
By Caroline Salls
Pittsburgh, Dec. 23 – SunEdison, Inc. debtor SunE MN Development, LLC requested court approval to sell equity interests in seven Minnesota projects to AES Distributed Energy, Inc., according to a motion filed Dec. 22 with the U.S. Bankruptcy Court for the Southern District of New York.
SunEdison said the purchase price is comprised of several components, paid on a project-by-project basis at each closing. Specifically, $4.38 million is estimated to be paid for interconnection costs, $3.2 million is expected to be paid for deposit fees that are fully reimbursable to the project company and a $13.17 million base price is expected, with 90% of that amount payable at closing and 10% on a cash-on-delivery basis.
The company said SunE MN previously obtained court approval to sell the equity interests in five of these project companies to SoCore MN Acquisition LLC, but SoCore exercised its right not to close on the purchase of those projects.
AES has agreed to buy those five projects, plus two others that were not included in the SoCore agreement.
For the five project companies that were previously part of the SoCore sale, SunEdison said AES offered 81.1% of the consideration that would have otherwise been received from SoCore.
“Given that the equity interests have already been marketed through four separate processes spanning more than a year, and the equity interests decline in value with the passage of time, the seller now seeks approval to sell the equity interests to the buyer in a private sale transaction,” the motion said.
A hearing is scheduled for Jan. 12.
Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21, 2016 under Chapter 11 case number 16-10992.
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