Court greenlights sale of SunEdison solar, wind farms to NRG

Source: By Peg Brickley, Denver Post • Posted: Tuesday, September 20, 2016

A bankruptcy court yesterday allowed solar giant SunEdison Inc. to proceed with a sale of several solar and wind projects.

An affiliate of NRG Energy Inc. will buy the renewable energy developments for $144 million.

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

SunEdison had been attempting to relieve itself of the projects since it filed for bankruptcy in April.

After recent acquisitions, SunEdison temporarily became one of the world’s largest solar companies. But financing maneuvers led to a debt pileup, and the company soon collapsed.

The sale will not cover the company’s debts, Judge Stuart Bernstein indicated.

Bernstein also approved an October sale of SunEdison’s solar materials assets.

The action is meant to test a $150 million offer from Chinese company GCL-Poly Energy Holdings Ltd.