Cash-strapped clean energy developer SunEdison looks to have found a buyer for its controlling stake in Californian solar plant Mt. Signal 2.
The U.S. renewables firm, which filed for bankruptcy in April after a litany of ill-judged acquisitions and business decisions, has asked a U.S. bankruptcy court judge to green-light the sale of its interest in the plant to an affiliate of hedge fund D.E. Shaw.
It has been reported by the Wall Street Journal that D.E. Shaw has offered to purchase SunEdisons stake for $80 million, of which SunEdison is expected to receive $70 million, according to the court filing published this week.
Still unfinished, the Mt. Signal 2 solar plant in southern California will be 150 MW once connected, with a completion date penciled in for the end of this year, although that date could creep into 2017.
The terms of the sale are still being discussed, with SunEdison poised to call for an expedited auction should the bankruptcy judge refuse to sanction the sale. An auction would, according to the court filing, see D.E. Shaw lower its offer for the stake by around $10 million, which could open the floor for other bidders to make an offer.
Prior to SunEdisons official bankruptcy, it is understood that D.E. Shaw had agreed to acquire the Mt. Signal 2 solar plant in return for the writing-off of debts owed to it by SunEdison, but since bankruptcy proceedings were initiated the company began looking at offers for the sale of the plant with D.E. Shaws bid considered the best value due to its familiarity with the project and the reasonable price offered.