SoCore Energy, one of the nation’s leading developers and operators of commercial and distributed solar generation and a subsidiary of Edison International (NYSE: EIX), announced today that it has agreed to acquire equity interests in 22 community solar garden development projects in Minnesota as part of the SunEdison bankruptcy proceedings, subject to certain conditions. The acquisition of these equity interests was approved today with an order from the U.S. Bankruptcy Court in New York, for a total price of up to $79.8 million if all projects are completed.
Once constructed, these projects will provide up to 140 megawatts (MW) of solar generated power to meet the growing demand for renewable energy in the state. SoCore has existing solar installations in Minnesota focused on the needs of commercial customers and is developing several other solar projects to serve those customers, as well as electric cooperatives in the state.
These new projects acquired from SunEdison will form an integral part of SoCore’s expanding portfolio, with several projects commencing construction as early as the fourth quarter of 2016. SoCore is targeting completion of all project development and construction in 2017 using third-party tax equity and debt financing.
“We are excited to incorporate these high-quality projects into our development portfolio of assets in Minnesota,” said Robert Scheuermann, president of SoCore Energy. “These new solar projects will help to strengthen and accelerate our ability to supply clean, reliable and cost competitive renewable energy to our customers in the state.”
“SoCore has the capabilities and track record to deliver these projects and meet the needs of our customers in Minnesota. We work with many customers, partners and stakeholders to deliver solar projects across the United States and are honored to continue to expand our capacity in Minnesota,” Scheuermann continued.