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Pattern acquires SunEdison project

UNITED STATES: Pattern Energy has acquired the 600MW King Pine project in Maine, US, from troubled 'supermajor' developer SunEdison for $13 million.

Pattern has developed more than 4.5GW of wind power projects in North America
Pattern has developed more than 4.5GW of wind power projects in North America

The 174-turbine project, still in the development phase, is expected to be online by 2020.

SunEdison submitted a bid in New England's 500MW request for proposals (RFP) in February for the project to supply utilities and agencies in Connecticut, Massachusetts and Rhode Island. In its bid, SunEdison said the project would use Vestas V136 3.45MW turbines.

The project is competing against other sites developed by Invenergy, EDP Renewables North America, EverPower Wind, NextEra Energy, Iberdrola, Patriot Renewables, Eolian Renewable Energy and Walden Green Energy.

Pattern said it had paid an initial $13 million for the project, with a further $13.5 million due if it is successful in the New England RFP. If the project is unsuccesful in the RFP Pattern would still own the project, but the company would not comment on other scenarios. The successful bids are due to be named by the end of July.

SunEdison is looking to divest its assets after filing for bankruptcy in April 2016.The self-described world's largest renewables developer, SunEdison, amassed huge debts after a two-year buying spree of wind and solar.

"Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues," said CEO Ahmad Chatila in April.

US-based SunEdison has secured $300 million in capital from lien credit holders to keep operating while restructuring.

In the filing, SunEdison listed $20.7 billion in assets and $16.1 billion in liabilities as of 30 September, including its two yieldcos – Terraform Power and Terraform Global – which did not declare bankruptcy.

SunEdison said it expected to sell "non-core" assets.

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