EcoPlexus Inc. won a late bidding war over AES Distributed Energy Inc. for seven Minnesota solar projects that are owned by bankrupt renewable energy developer SunEdison Inc.
The deal represents a coup for EcoPlexus. SunEdison was ready to sell the portfolio to AES Distributed Energy until EcoPlexus submitted a last-minute offer in early January. Some of the projects had been turned down by another buyer, and EcoPlexus complained that it was not notified of the secondary bidding process until SunEdison sought court approval for the deal with AES Distributed Energy.
SunEdison entertained competing offers until Jan. 30 when AES Distributed Energy said it could not beat EcoPlexus' $26.5 million bid. The final purchase price is $2.4 million higher than EcoPlexus' initial offer. A hearing on the proposed deal was scheduled for Feb. 1 in U.S. Bankruptcy Court for the Southern District of New York.
AES Distributed Energy is a subsidiary of AES Corp.