NRG Energy has received court approval from U.S. Bankruptcy Judge Stuart Bernstein to move forward with agreements to acquire bankrupt SunEdison’s interests in a portfolio of 2,138 MW of utility-scale solar photovoltaic and wind projects in the U.S.
NRG will acquire, upon closing the transaction – which is subject to regulatory approvals – the following:
- Joint partnership interest in 683 MW of fully built, fully contracted solar in Utah that will commence operations this fall (with a portion to be available for NRG Yield later this year);
- Ownership of 200 MW of fully contracted, construction-ready solar in Texas; and
- Ownership of 1.25 GW of solar and wind assets in various stages of development at locations across the U.S., including 150 MW of construction-ready assets in Hawaii.
NRG says the agreement with SunEdison – which filed for Chapter 11 bankruptcy back in April – provides for total consideration up to $188 million, comprising an initial payment of $129 million and a payment of $15 million upon the execution of designated power purchase agreements for the Hawaii projects, as well as up to $44 million in future payments that are contingent on achieving other development milestones.
“With this court approval, we can move forward with this exciting agreement that reaffirms NRG’s commitment to renewable energy,” said Craig Cornelius, head of NRG Renewables, in a statement. “We’ll continue working with SunEdison, its clients, stakeholders and regulators to close the transaction.”