Pattern Energy Group has agreed to purchase the development rights of a 600MW wind project from SunEdison.
SunEdison, which is navigating through bankruptcy proceedings, sold the rights to build the King Pine wind project in Maine to the San Francisco developer as it continues to liquidate its portfolio. Construction of the 174-turbine project is expected to begin in 2018 and, when finished in 2020, will feed electricity into a grid operated by ISO New England.
“We are excited about the opportunity to expand our previous activities in Maine by taking over development of the state’s largest wind power project,” Mike Garland, chief executive of Pattern, said in a statement. “Maine is an extraordinary place and we have been working for years to find a great project that can be developed in a manner that is respectful of the local community and the environment.”
SunEdison first proposed the King Pine project in February. The renewable developer’s highly publicised collapse began shortly after when Vivint Solar, majority-owned by Blackstone, called off a $2.2 billion merger in March because of SunEdison’s “failure to meet its obligations under the merger agreement,” according to Vivint.
The failed merger was the tipping point for SunEdison after months of debt-fuelled acquisitions prompted investors to fear the company had overextended itself.
The company filed for bankruptcy in April. It began shedding assets that month, starting with the sale of 202MW of solar projects to Chilean utility Colbun SA.
In June, SunEdison agreed to sell a 7MW portfolio of rooftop solar projects in India to Amplus Energy Solutions. It divested its controlling interest in the 150MW Mt. Signal 2 solar plant in California to an affiliate of hedge fund DE Shaw last week for $80 million.