Afederal bankruptcy judge approved the private sale of 's equity interest inthe 201-MW MountSignal solar project in California to an affiliate of D.E. ShawRenewable Investments.
JudgeStuart Bernstein authorized the order during a hearing in U.S. Bankruptcy Courtfor the Southern District of New York on July 21, after a revised version ofthe order to sell the plant went unopposed in the courtroom.
Theapproval could net SunEdison about $70 million in proceeds, according to statementsmade by SunEdison's restructuring adviser and Rothschild Inc. Managing DirectorHomer Parkhill.
Theapproval effectively gives D.E. Shaw's affiliate, DESRI MS2 Development LLC,the permitting and development rights previously held by Imperial Valley Solar2 LLC and 88FT 8ME LLC to own and operate the Mount Signal 2 plant.
Bernsteinalso approved a motion to reschedule a separate hearing on certain cashmanagement practices and intercompany transactions to July 28.