April 26, 2016 / 5:42 PM / a year ago

Bankrupt SunEdison to sell part of its Chile assets to Colbun

The headquarters of SunEdison is shown in Belmont, California April 6, 2016. REUTERS/Noah Berger

SANTIAGO (Reuters) - Solar developer SunEdison Inc SUNE.N, which filed for Chapter 11 bankruptcy protection on Apr. 21, has agreed to sell two energy projects in Chile to power company Colbun COL.SN 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.

Reporting by Anthony Esposito; editing by Andrew Hay

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below