SunEdison, an ex-giant in renewable energy industry, has been under restructuring since it filed Chapter 11 in April 2016. As part of the restructure, SunEdison unveiled seeking for buyers for its YieldCo vehicles, TerraForm Power and TerraForm Global, and its power portfolios. U.S. power company NRG applied to acquire 2.1GW of SunEdison’s solar and wind facilities through US$188 million.
NRG announced a purchase and sale agreement for 2.1GW of SunEdison’s utility-scale wind and solar projects, wrote PV Magazine. The projects include 200MW of “construction ready” solar projects in Texas, interest in 683MW of “nearly complete” projects in Utah, and 1.25GW of wind and solar projects that are under various stages of development across the U.S.
Under terms of the agreement, NRG will pay up to US$188 million for acquiring the projects, including an upfront payment of US$129 million. The payment amount indicates unit cost of less than US$0.1 per watt of the facilities.
NRG owns a YieldCo vehicle NRG Yield, which announced earlier on August 9 that it has entered into an agreement to buy a 250MW solar project in California. NRG described the acquisition of SunEdision’s renewable portfolio as “a confirm to our commitment to renewable energy.”