SunEdison’s bankruptcy judge okays wind turbine sale to EDF-RE

SunEdison won an Oct. 18 approval from its bankruptcy court on its Sept. 24 notice 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. 

Tim Derrick, the President and General Manager, North America Utility of SunEdison, said in testimony filed with that petition: “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.”

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.

Said the order by the judge, dated Oct. 18 and filed in the docket on Oct. 19: “The Debtors have shown that transfer of the Equipment to EDF-RE US Development, LLC (the ‘Buyer’) pursuant to the terms of that certain Asset Purchase Agreement, dated September 23, 2016, by and between the Buyer and SunEdison, Inc. (the ‘Asset Purchase Agreement’) upon the conclusion of the twenty-one (21) calendar day notice period (the ‘Transfer’) is necessary, is in the reasonable exercise of their business judgment, is in the best interests of the estates, and is in compliance with the DIP Loan Documents (as defined in the Procedures Order). Sound business reasons exist for the Transfer.”

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.