SoCore outlines deal to buy 22 SunEdison projects in Minnesota

Robert Scheuermann, president of SoCore Energy, filed a declaration with the U.S. Bankruptcy Court in the Southern District of New York in support of a potential $79.8 million deal to purchase 22 SunEdison community solar projects in Minnesota.

According to SoCore, the projects — developed under Minnesota’s newly active community solar programs wouldup to 140 MW of solar generated power. SoCore will receive a reimbursement of $9.5 million from Minnesota’s Community Solar Garden Program and $12.3 million in interconnection costs previously paid by SunEdison. The deal has been in negotiation since January.

Scheuermann’s declaration came in response to a motion filed by SunEdison on Aug. 10 to sell its interests in the projects “free and clear of all liens, claims encumberances and other interests,” according to the declaration.

SoCore Energy is a subsidiary of Edison Energy and currently has projects in approximately 15 states, including two in Minnesota. SoCore Energy has identified Minnesota as a developing market.

In 2015, Minnesota had installed 13 MW of solar in the state and was expected to install 1,164 MW of solar electric capacity through 2020, according to the Solar Energy Industries Association. That amount is more than 39 times the amount of solar installed over the previous five years.

SunEdison, once the darling of Wall Street and held up as an example for other solar companies to follow, declared bankruptcy in late April after racking up $16.1 billion in debt, tied to a rapid portfolio expansion fueled by project purchases.

For a history of the disposition of SunEdison’s assets after its bankruptcy in April, check out pv magazine USA’s reporting on the issue.