Home Business & Finance D.E. Shaw strikes deal for SunEdison’s stake in California solar project
D.E. Shaw strikes deal for SunEdison’s stake in California solar project

D.E. Shaw strikes deal for SunEdison’s stake in California solar project

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Hedge fund D.E. Shaw has offered to buy SunEdison’s stake in a California solar power project for $80 million.SunEdison filed for bankruptcy protection in April, awash in debt and with its finances under investigation. Owner of an array of alternative power projects in various stages of development, the company agreed to start selling some assets while it weighs whether to reorganize or shut down after a series of sales.

Court records reveal an army of advisers has been raking through SunEdison’s portfolio, seeking to put together deals that would make a dent in the company’s $8 billion pile of debt.DESRI MS2 Development, L.L.C., an affiliate of D.E. Shaw Renewable Investments LLC, has made an offer for SunEdison’s stake in the so-called Mt. Signal 2 Project, a photovoltaic-energy project in Imperial Valley, Calif. If the Mt. Signal 2 stake goes to D.E. Shaw in a private sale, SunEdison will net some $70 million, court papers say.

However, there were multiple offers, including 22 prospective purchasers interested in a larger portfolio of assets, and that could spur the bankruptcy judge to order an auction.In the event of an auction, the D.E. Shaw affiliate will lead the bidding, but its offer falls by $10 million, according to court papers.

Source:Marketwatch

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Anand Gupta Editor - EQ Int'l Media Network

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