Pattern Energy Group has reached an agreement with SunEdison to acquire development rights for the 600 MW King Pine wind project for US$26.5 million.
The King Pine wind farm is located in northeastern Maine in Aroostook and Penobscot Counties (USA). The project will be comprised of 174 wind turbines.
In late April we reported that SunEdison commenced a process to restructure its balance sheet and position the company for the future. To facilitate this restructuring, SunEdison and certain of its domestic and international subsidiaries filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.
According to bankruptcy court filings, the transaction is contingent upon the project winning a renewable energy supply contract from a group of southern New England states.
In May we published that Chilean power company Colbún acquired a stake in SunEdison's projects in Chile. The company also signed a contract whereby it will supply power for a PV solar project that Sun Edison is developing in the country.