SunEdison plans to sell wind turbine equipment to EDF-RE US Development

SunEdison told its bankruptcy court on Sept. 24 that it intends to transfer the right, title and interest in and to 49 Siemens 2.3-MW wind nacelles and hubs to EDF-RE US Development LLC under an Asset Purchase Agreement dated Sept. 23. 

Tim Derrick, the President and General Manager, North America Utility of SunEdison, said in supporting testimony: “It is my understanding that professionals at Rothschild, Inc. (‘Rothschild’), the Debtors’ financial advisor and investment banker, have conducted an extensive marketing effort in connection with the Equipment. Specifically, I am informed that Rothschild contacted over 200 parties in connection with the potential sale of certain of the Debtors’ assets relating to its North American utility business, including the Equipment. I understand that upon the completion of Rothschild’s marketing process, the Debtors, with the assistance of Rothschild, concluded that the Buyer’s bid for the Equipment as memorialized in the Asset Purchase Agreement represented the highest and best offer for the Equipment.”

Derrick added: “The Buyer is a good faith purchaser for value and has otherwise acted in good faith in connection with the Proposed Transaction.”

SunEdison is currently in Chapter 11 protection at the U.S. Bankruptcy Court for the Southern District of New York and has lately been selling a number of assets.

EDF RE will provide SunEdison with $4,450,000 in total consideration for the equipment, including a payment of $4,156,000 to SunEdison and a payment at closing of $294,000 to Siemens Energy for certain liabilities in connection with the storage and maintenance of the equipment. Siemens has asserted a possessory lien over the equipment for unpaid storage and maintenance fees. The equipment is stored in a facility owned by Siemens.

Any objections to the sale need to be filed by Oct. 10, with the sale going final at that point if there are no objections, and an Oct. 17 court hearing to be held if there are objections.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.