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Carving Up SunEdison’s Global Renewable Energy Assets

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Ever since once-global renewable energy behemoth filed for bankruptcy in April, its assets around the world have been hot properties for other developers and utilities.

It seems like it wasn’t that long ago that we heralded SunEdison as the renewable energy company to beat, and to emulate, but the company’s fortunes fell fast, leading to its April filing for bankruptcy.

Almost immediately, companies around the world started salivating over SunEdison’s global assets. Immediately after the filing, it was announced that UK-based green energy company Ecotricity would acquire SunEdison’s UK residential solar rooftop business. SunEdison’s assets in India were similarly lusted after, with reports of offers appearing as soon as the first week of May. By June, Adani Green confirmed that it was interested in SunEdison’s India assets, and later that month it was announced that SunEdison would sell its 7 MW commercial and industrial solar rooftop portfolio to Indian developer Amplus Energy Solutions. This news was followed up in August when Greenko Energy Holdings confirmed its buyout of SunEdison India’s 1.4 GW worth of solar assets — made up of 500 MW of operational assets and 900 MW of assets under development.

Since then there have been numerous rumors and reports circulating regarding further asset purchases and sell-offs.

PV-Magazine reported in early August of American energy company NRG’s application to acquire 2.1 GW of SunEdison completed and under development solar and wind projects in the United States — including 200 MW of “construction ready” solar PV projects in Texas, another 638 MW of “nearly complete” projects in Utah, and 1.25 GW of wind and solar projects in various stages of development throughout the rest of the country.

NRG has applied to pay up to $188 million for the portfolio of projects, including an upfront payment of $129 million.

Several days later, the bankruptcy court dealing with SunEdison’s case approved the expedited auction of these projects, labeling NRG Energy a “stalking horse” bidder.

NRG also announced its intention to acquire 26 commercial and municipal solar projects in California, New England, and Florida, from subsidiaries of SunEdison.

“We’re looking forward to working with SunEdison to close the transaction, and bring these 26 solar arrays online to complement our renewables fleet serving customers across the US,” NRG Spokesperson Erik Linden told PV-Magazine.

The news was followed a few days later, at the tail-end of August, of leading polysilicon and solar wafer producer GCL-Poly Energy Holding’s desire to acquire SunEdison’s polysilicon assets for $150 million.

Given the myriad assets SunEdison once held, as well as the further intricacies resulting from those assets currently held by the company’s two YieldCos, TerraForm Power and TerraForm Global, this period of carving up SunEdison’s assets is likely to continue for some time — especially in lieu of a lack of any one company stepping forward to acquire the entire company’s assets.

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