Investors,
saw a big western company’s presence as a vote of confidence in its renewables goals.
Greenko Energies Pvt., an Indian developer backed by sovereign wealth funds of Abu Dhabi and Singapore, emerged to fill the void. In January, it bought about 1.7 gigawatts of solar assets from SunEdison, valued at about $500 million.
About 440 megawatts were in operation and another 1.2 gigawatts in development. The acquisition will help Greenko expand its generation capacity to about 5 gigawatts in the next two years, said Mahesh Kolli, its founder.
With insolvency looming, SunEdison sold 198 megawatts of solar assets in Japan to BCPG. The deal accelerated BCPG’s cleanenergy efforts, which date to its 2015 acquisition of solar projects in Thailand. It had already been evaluating Japan, and the SunEdison portfolio helped it establish itself there.
Actis LLP, a London- based private equity firm, also used SunEdison assets to expand with a deal this year for a 1.5-gigawatt portfolio of Latin American solar projects. It wants to invest $525 million in renewable energy across Latin America, with a focus on Brazil, Mexico, Uruguay and Chile.
In the UK, meanwhile, the Forest Green Rovers Football Club Ltd., purchased SunEdison’s residential rooftop business shortly before the bankruptcy filing.
Forest Green Rovers, a vegan soccer team based in Gloucestershire, is owned by the clean-energy supplier Ecotricity Group Ltd. Chairman Dale Vince, who wants his club to be the greenest in the world, is building a new stadium made almost entirely of wood, and already uses a solar-powered robot lawnmower.
SCALE
In late December through the first quarter, SunEdison closed more than $250 million in deals, according to a bankruptcy filing.
“What made it exceptional was the scale of the overall portfolio — that it included every stage of development, that it covered every imaginable geography,” NRG’s Mr. Cornelius said. “That was the result of the expansion SunEdison had taken.” — Bloomberg