SunEdison to sell rights to 600-MW wind project to Pattern
Wind turbines. Author: Anne Marie Peterson. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
SunEdison (OTCMKTS:SUNEQ) has entered into an agreement to sell the development rights to the 600-MW King Pine wind project in Maine to Pattern Energy Group Inc (NASDAQ:PEGI), The Bangor Daily News reports.
The troubled renewables developer will dispose of a 100% stake in King Pine Wind LLC for a total of USD 26.5 million (EUR 23.4m), the newspaper said on Friday, quoting a notice filed in bankruptcy court in New York.
The particular project involves erecting 174 Vestas V136-3.45 MW wind turbines in Aroostook and Penobscot Counties. SunEdison participates with this scheme in the southern New England states’ clean energy procurement. It needs to win a power supply contract so that the sale could be completed, according to the report.
SunEdison filed voluntary petitions for reorganisation under chapter 11 of the US Bankruptcy Code on April 21. Parties involved in the company’s bankruptcy have 14 calendar days to file objections with the court in connection with the planned asset sale.