SunEdison looks to sell solar, wind projects to NRG Energy

A bankruptcy court is weighing a request by SunEdison for approval to sell various solar and wind projects for $144m to NRG Energy, a leading US independent power producer.

The projects up for sale are located in California, Hawaii, Maine, Texas, Utah and Washington.

According to the TheWall Street Journal, SunEdison could obtain as much as an additional $44m after the sale closes if certain project-related milestones are met.

SunEdison filed for Chapter 11 bankruptcy protection on 21 April. The US Bankruptcy Court for the Southern District of New York is overseeing the reorganization of the former high-flying renewable energy developer and generator.

It has been selling assets and projects with the court’s approval in an effort to reduce its debt that now totals at least $8bn.  

The Journal reports that SunEdison is seeking the court’s approval to declare NRG’s renewable energy business as the lead bidder in a sale process that would include a 6 September deadline for bids. The auction would occur on 9 September, with the court hearing to approve the winning bid on 15 September.

In return for setting a floor price for the assets, NRG could collect a $4.5m expense reimbursement and $5.5m breakup fee if a rival bidder prevails, according to court papers, the Journal reports.