The sale process for a North American solar developer has entered into a second round of bidding as the company looks to close a deal by the end of the year.
The company on the block is Coronal Energy, which owns a 20-project portfolio of operating and contracted projects totaling 345 MW.
Auctioneers Bank of America Merrill Lynch and Scotia Capital opened up the bidding in June, inviting investors to consider acquiring the company in its entirety or in separate parts, according to a teaser seen by PFR (PFR, 7/19).
Panasonic is one of the company's largest owners, having increased its stake in September 2016.
The projects in Coronal’s 250 MW operating portfolio have power purchase agreements with a remaining weighted average life of 21 years, while its 1.3 GW development pipeline includes at least 95 MW that is already contracted.
Mike Dunne and David Ochoa are leading the sales process for BAML, while Jared Steinfeld and Seth Keller are leading for Scotia.
Officials at Coronal, BAML and Scotia either declined to comment or did not respond to inquiries by press time.