On Friday, NRG Energy subsidiary NRG Renew was chosen as the prevailing bidder for 2.1 GW of SunEdison wind and solar projects, which had been put on the auction block under an expedited process.
NRG was the stalking horse bidder whose bid of under $0.10 per watt set a floor price, in an auction open to other parties. However, if approved by a judge later this week NRG will walk away with the entire portfolio for only $188 million, including an up-front payment of $129 million.
The projects to be acquired include 200 MW of construction ready solar projects in Texas which already hold power contracts, interest in a structured partnership owning 683 MW of nearly complete projects in Utah, which also have power contracts, and 1.25 GW of wind and solar projects in various stages of development across the United States.
Pacific Business News reports that five of these projects are located in Hawaii. The auction results must still be approved by a judge on September 15.
NRG says that it is pleased with the progress of the bid. We look forward to working with SunEdison, its clients, stakeholders, and the court to close the transaction, NRG Energy Spokesperson Erik Linden told pv magazine.
NRG has also signed an agreement to acquire 26 SunEdison commercial and municipal solar projects, which are controlled by entities outside of the bankruptcy process. These appear destined for NRGs yieldco.