Vermont Business Magazine Onyx Renewable Partners LP, a leader in the development and finance of commercial and industrial (C&I) and small scale utility solar projects in North America, today announced it has closed a deal to acquire a portfolio of C&I assets from SunEdison for an undisclosed amount. The portfolio consists of assets in California, Arizona, Massachusetts, and Vermont. Details of the projects in Vermont were not immediately available. SunEdison owns several solar projects in Vermont and a subsidiary owns the wind farm in Sheffield, which presumably was not part of this transaction.
As recently as September 8, the Vermont Public Service Board issued a certificate of public good to SunEdison Origination, LLC, for a 347 kw interconnected group net-metered photovoltaic electric power system in Orwell. It received a CPG for a 500 kw project in Ferrisburgh in June and has proposed projects in Middlebury, Pittsford and at the NewBrook elementary school in Newfane.
"We are excited to further advance our C&I footprint with this broad array of projects," says Matt Rosenblum, CEO of Onyx. The companies expect this to be the first of several closings.
On April 21, 2016, SunEdison and certain of its domestic and international subsidiaries filed voluntary petitions for reorganization under chapter 11 of the US Bankruptcy Code in the Bankruptcy Court in the Southern District of New York. The court process will allow SunEdison to reduce its debt, while it continues to operate normally.
SunEdison’s publicly-traded yieldcos (a type of subsidiary that focuses on maintaining operating assets), TerraForm Power (NASDAQ: TERP) and TerraForm Global (NASDAQ: GLBL), are not part of the filing. TerraForm Power is an indirect subsidiary of SunEdison. TerraForm Power runs the Sheffield Wind Farm, which SunEdison previously bought from First Wind, which sold its assets to SunEdison for $2.4 billion in March 2015.
SunEdison in a statement said that it anticipates that work will proceed as planned on all ongoing projects, both in the US and elsewhere. The chapter 11 filing is at the corporate level and the company is working to minimize the impact to work at its subsidiaries.
A bankruptcy filing under chapter 11 permits SunEdison’s reorganization under court supervision while the company continues to operate in the ordinary course, consistent with the agreement reached with its debtor-in-possession lenders, in order to maximize value for all stakeholders.
About Onyx Renewable Partners L.P.
Onyx is a renewable energy development company established by funds managed by Blackstone Energy Partners that is focused on greenfield development in the North American solar and wind sectors. The Onyx team brings over 250 years of collective industry experience and perspective, having developed more than 1 GW of renewable projects. As a full service firm with capabilities including development and construction through financing and operations, Onyx is able to provide creative solutions to large energy users and land owners in North America. Onyx prides itself on its ability to bring together exceptional talent with deep industry knowledge to solve challenging issues for customers looking to maximize renewable power generation. Onyx is headquartered in New York City. For more information, visit our website at www.onyxrenewables.com.
SOURCE NEW YORK, Sept. 13, 2016 /PRNewswire/ -- Onyx Renewable Partners LP