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Released September 15, 2016 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--NRG Energy (NYSE:NRG) (Houston, Texas) will acquire bankrupt renewable-power developer SunEdison's (NYSE:SUNE) (Maryland Heights, Missouri) wind and solar projects in Texas and other states, following a $144 million bid at auction. Projects to be acquired span solar and wind projects in California, Hawaii, Maine, Texas, Utah and Washington, and total 2.1 gigawatts in capacity. Industrial Info is tracking more than $5 billion in SunEdison projects, including 11 projects worth $1.6 billion in the U.S.
SunEdison filed for Chapter 11 bankruptcy protection in April, following an unsuccessful, last-ditch effort to acquire properties through debt. It since has been searching for buyers in an effort to unload property and pay off debts. NRG's offer could eventually amount to $188 million, depending on benchmark goals.
Two of SunEdison's largest wind-energy construction projects are in Maine: the $372 million Bingham Windfarm in Bingham, and the $270 million Molunkus Windfarm in Medway. The Bingham project, which is under construction and set to be completed later this year, utilizes 62 Vestas V112 wind turbine generators, each with a 3-megawatt (MW) capacity, for a total output of 186 MW. The Molunkus Windfarm, which still is in its permitting phases, will use 48 Vestas turbines for a total output of about 144 MW. Reed & Reed Incorporated (Woolwich, Maine) is performing engineering, procurement and construction services on both projects. For more information, see Industrial Info's project reports on the Bingham and Molunkus windfarms.
In Texas, SunEdison is planning to wrap up the dismantling of one of its solar-related facilities through its $5 million closure of a granular polysilicon plant in Pasadena, Texas. The plant closed its doors over the summer, following an announcement in February that blamed China's trade policies. SunEdison plans to complete the decommissioning and final disposals early next year. For more information, see Industrial Info's project report.
SunEdison also is finding buyers for some of its international assets. In late August, the company agreed to sell its solar material assets to GCL-Poly Energy Holdings Limited, one of China's largest makers of solar equipment, for $150 million, according to The Wall Street Journal. Assets include subsidiaries SunEdison Products Singapore Pte., MEMC Pasadena Incorporated and Solaicx Incorporated, as well as SunEdison's stake in a Korean joint venture, SMP Limited. According to the Journal, the offer will be tested at auction, which is set for next month.
NRG has been inching toward renewable energy in recent years. The company is at work on its $3.5 million Edmund Freeman solar farm in Sandwich, Massachusetts. Construction of the 1.5-MW facility, which is designed to provide emergency back-up for the local grid system, is slated to begin late in the fourth quarter and to be completed next year. This small-scale project is part of NRG's broader Canal Power Station, which cleared a forward capacity auction in February and currently is slated to be fully operational by 2019. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
SunEdison filed for Chapter 11 bankruptcy protection in April, following an unsuccessful, last-ditch effort to acquire properties through debt. It since has been searching for buyers in an effort to unload property and pay off debts. NRG's offer could eventually amount to $188 million, depending on benchmark goals.
Two of SunEdison's largest wind-energy construction projects are in Maine: the $372 million Bingham Windfarm in Bingham, and the $270 million Molunkus Windfarm in Medway. The Bingham project, which is under construction and set to be completed later this year, utilizes 62 Vestas V112 wind turbine generators, each with a 3-megawatt (MW) capacity, for a total output of 186 MW. The Molunkus Windfarm, which still is in its permitting phases, will use 48 Vestas turbines for a total output of about 144 MW. Reed & Reed Incorporated (Woolwich, Maine) is performing engineering, procurement and construction services on both projects. For more information, see Industrial Info's project reports on the Bingham and Molunkus windfarms.
In Texas, SunEdison is planning to wrap up the dismantling of one of its solar-related facilities through its $5 million closure of a granular polysilicon plant in Pasadena, Texas. The plant closed its doors over the summer, following an announcement in February that blamed China's trade policies. SunEdison plans to complete the decommissioning and final disposals early next year. For more information, see Industrial Info's project report.
SunEdison also is finding buyers for some of its international assets. In late August, the company agreed to sell its solar material assets to GCL-Poly Energy Holdings Limited, one of China's largest makers of solar equipment, for $150 million, according to The Wall Street Journal. Assets include subsidiaries SunEdison Products Singapore Pte., MEMC Pasadena Incorporated and Solaicx Incorporated, as well as SunEdison's stake in a Korean joint venture, SMP Limited. According to the Journal, the offer will be tested at auction, which is set for next month.
NRG has been inching toward renewable energy in recent years. The company is at work on its $3.5 million Edmund Freeman solar farm in Sandwich, Massachusetts. Construction of the 1.5-MW facility, which is designed to provide emergency back-up for the local grid system, is slated to begin late in the fourth quarter and to be completed next year. This small-scale project is part of NRG's broader Canal Power Station, which cleared a forward capacity auction in February and currently is slated to be fully operational by 2019. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
