NRG Energy finalizes $183M SunEdison renewable project deal
NRG Energy has finalized its purchase of roughly 1,500 MW of utility-scale solar and wind projects from bankrupt SunEdison for $183 million.
NRG bought SunEdison’s 265-MW interest in a portfolio of seven fully contracted solar plants in Utah with a total capacity of 530 MW. NRG also acquired a 154-MW fully contracted but partially built solar park in Texas, and 1,100 MW of solar and wind projects in various stages of development, including 111 MW of construction-ready assets in Hawaii.
Additionally, outside of the bankruptcy process, NRG bought a 29-MW portfolio of distributed generation and community solar projects from SunEdison.
SunEdison's bankruptcy shook up the renewable energy sector earlier this year after its $1.82 billion deal with rooftop solar developer Vivint Solar collapsed. Its downfall also left some projects in limbo, but NRG beat out 34 other offers to scoop up roughly 1 GW of developing renewable energy projects in a bid to expand its own renewable power mix.
To date, NRG Energy is the largest acquirer of renewable energy projects from bankrupt SunEdison. No single bidder stepped up to buy all of SunEdison, so the assets are being sold to a variety of companies. The company has already sold 202 MW of solar assets to Colbun of Chile and its rooftop solar business to Ecotricity of the U.K.
For NRG, the SunEdison acquisition gives the company its first renewable assets in Utah and Hawaii. In Utah alone, NRG has a stake in seven utility scale solar plants that the company will be able to sell – or drop down – to its yieldco. Part of the package includes a suite of renewable energy projects originally designed for the Hawaiian Electric Companies that the utility canceled because SunEdison failed to meet deadlines.
NRG is paying $183 million for the package of assets, including an initial payment of $124 million and $15 million that will be paid when power purchase agreements for the Hawaiian project are signed. The remaining $44 million will be paid as development and construction milestones are reached for the other projects in development.
- SeeNews Renewables NRG acquires 1.5-GW US portfolio from SunEdison
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