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SunEdison to sell Maine wind assets to Terra Nova  

Credit:  By Reuters | Via bangordailynews.com ~~

SunEdison Inc. said it would sell 333 megawatts of wind-power assets for $209 million to a partnership of the U.S. solar company and investors advised by J.P. Morgan Asset Management.

SunEdison’s shares, which have lost 79 percent this year, were up 7 percent at $4.38 after the bell on Thursday.

Proceeds from the sale of the projects – 185-megawatt Bingham and 148-megawatt Oakfield assets in Maine – to Terra Nova Renewable Partners provide SunEdison with an upfront development margin, SunEdison said.

SunEdison said it would have the right to repurchase the projects from the partnership for a period of five years, and the will to grant its yieldco, TerraForm Power Inc., call rights to the projects should they be repurchased.

“This transaction represents good value for SunEdison’s shareholders and enhances our financial strength and flexibility,” Chief Financial Officer Brian Wuebbels said in a statement.

SunEdison reported a bigger-than-expected loss for the third quarter last month, raising fresh concerns about its ability to fund its operations, projects and acquisitions.

The company had also said it would stop selling projects to its two yieldcos – bundles of solar, wind or other power assets it spun off into dividend-paying public entities – to do more third-party sales to boost near-term cash flow generation.

SunEdison said on Thursday that any projects not repurchased by the company would continue to be owned by the partnership.

Under the partnership between SunEdison and Global Real Assets announced in September, J.P. Morgan’s clients are expected to provide equity to purchase renewable energy projects developed or purchased by SunEdison.

Source:  By Reuters | Via bangordailynews.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

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