California-based Edison International’s subsidiary SoCore Energy has agreed to acquire 22 community solar garden development projects in Minnesota, US.
The acquisition is part of SunEdison's bankruptcy proceedings and has been approved by the US Bankruptcy Court in New York.
SoCore Energy's president Robert Scheuermann said: “We are excited to incorporate these high-quality projects into our development portfolio of assets in Minnesota.
“These new solar projects will help strengthen and accelerate our ability to supply clean, reliable, and cost-competitive renewable energy to our customers in the state.
“SoCore has the capabilities and track record to deliver these projects and meet the needs of our customers in Minnesota. We work with many customers, partners, and stakeholders to deliver solar projects across the United States and are honoured to continue to expand our capacity in Minnesota.”
SoCore intends to complete all project development and construction by next year using third-party tax equity and debt financing. The new projects acquired from SunEdison will be part of SoCore’s expanding portfolio.
SoCore already has solar installations in Minnesota, which caters to the power needs of the commercial customers. It also plans to develop new solar projects to serve electric cooperatives in the state, which will commence from Q4 of this year.