NRG Energy has emerged as the winner of a Sept. 9 bankruptcy court auction for a 2,138 MW portfolio of SunEdison assets spread across six states.
A subsidiary of the Princeton, N.J.-based company, NRG Renew, will acquire the portfolio of utility-scale assets from the Maryland Heights, Mo.-based renewables sponsor for its stalking horse bid of $144 million. Bankruptcy court documents identified NRG as the stalking horse bidder in August (PFR, 8/11).
The projects are located in California, Hawaii, Maine, Texas, Utah and Washington.
The majority of the portfolio—1,450 MW—is comprised of solar and wind projects at various stages of development, including 200 MW of contracted, shovel-ready solar assets in Texas and 150 MW of shovel-ready solar assets in Hawaii.
NRG will also acquire a joint partnership interest in a 683 MW solar portfolio in Utah that is scheduled to go online in the fall of 2016. SunEdison and NRG requested permission from the U.S. Federal Energy Regulatory Commission for the sale of the Utah assets on Aug. 18. SunEdison previously sought, and obtained, FERC authorization to sell the Utah assets to D.E. Shaw (PFR, 2/26).
The transfer of the remaining assets does not require FERC approval.
NRG announced its intention to reincorporate NRG Renew into its main corporate structure in February 2016, following an ill-fated spin-off of the renewables arm in the fall of 2015 (PFR, 2/29, PFR, 9/21/15).
Judge Stuart Bernstein of the U.S. Bankruptcy Court for the Southern District of New York will decide whether to approve NRG's acquisition of the utility-scale portfolio at a hearing on Thursday.
A spokesperson for SunEdison in Belmont, Calif., declined to comment.
Editor's note: Judge Bernstein approved the sale of the 2,138 MW portfolio to NRG on Sept. 15.