Bankrupt SunEdison to sell part of its Chile assets to Colbun
Reuters
Published Apr 26, 2016 01:38PM ET
Updated Apr 26, 2016 01:50PM ET
Bankrupt SunEdison to sell part of its Chile assets to Colbun
SANTIAGO (Reuters) - Solar developer SunEdison Inc (N:SUNE), which filed for Chapter 11 bankruptcy protection on Apr. 21, has agreed to sell two energy projects in Chile to power company Colbun (SN:COL) for an undisclosed amount, both companies said on Tuesday.
SunEdison, once the fastest-growing U.S. renewable energy company, filed for Chapter 11 bankruptcy after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.
"The agreement entails the acquisition of two solar energy farms that are being developed (by SunEdison) on Chile's SIC power grid and their respective long-term power-supply contracts," Colbun said in a statement.
SunEdison also inked a 15-year power-supply contract with Colbun, to supply the Chilean energy company with 200 gigawatt hours per year. SunEdison said in a statement it plans to build a 100 megawatt solar plant in Chile to supply the energy.
The companies did not disclose the dollar amounts for the contracts and transactions.
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Written By: Reuters
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