SunEdison Bankruptcy Update: SoCore Energy to Acquire 140 MW of Solar Project Pipeline

SunEdison bankruptcy
SoCore Energy Community Solar Project. Image courtesy of SoCore Energy.

SunEdison filed for bankruptcy protection in April of this year, and has been struggling to reorganize ever since.  Since they could not find a willing buyer to purchase the company as a whole, they have been forced to sell assets in a piecemeal fashion to interested parties.  SoCore Energy, a solar developer and subsidiary of the utility giant Edison International, announced that they have agreed to acquire the equity interests in 140 MW of SunEdison’s gigawatts large project development pipeline.

The 22 community solar garden development projects are located in Minnesota will be acquired for a total price of up to $79.8 million if all projects are completed. The acquisition was approved today by the US Bankruptcy Court in New York.

SoCore has existing solar installations in Minnesota focused on the needs of commercial customers and is developing several other solar projects to serve those customers, as well as electric cooperatives in the state.

Construction on some of  the community solar projects will begin as early as the fourth quarter of 2016 with completion of all projects scheduled to completed by the end of 2017.  SoCore will fund the projects with a mix of third-party tax equity and debt financing.

“We are excited to incorporate these high-quality projects into our development portfolio of assets in Minnesota,” said Robert Scheuermann, president of SoCore Energy. “These new solar projects will help to strengthen and accelerate our ability to supply clean, reliable and cost competitive renewable energy to our customers in the state. SoCore has the capabilities and track record to deliver these projects and meet the needs of our customers in Minnesota. We work with many customers, partners and stakeholders to deliver solar projects across the United States and are honored to continue to expand our capacity in Minnesota”.

Tracey Smith About Tracey Smith
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.

Leave a Reply

Your email address will not be published.