Client Deal Spotlight: SoCore Energy’s Acquisition of SunEdison Minnesota Approved

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Stoel Rives congratulates its client, SoCore Energy, on the successful approval of its potential acquisition of equity interests in 22 community solar garden development projects in Minnesota, which are subject to certain conditions. A subsidiary of Fortune 500 company Edison International, SoCore is one of the nation’s leading developers and operators of commercial and distributed solar power generation. The projects are being acquired as part of bankruptcy proceedings for renewable energy company SunEdison.

The acquisition was approved in U.S. Bankruptcy Court in New York for a total price of up to $79.8 million, if all projects are completed. Once completed, the solar gardens will produce up to 140 megawatts of renewable energy. Currently, SoCore has solar installations in Minnesota focused on the needs of commercial customers. The acquired projects will form an integral part of SoCore’s expanding portfolio in the state, which will include additional solar projects. With financing from third-party tax equity and debt financing, construction is planned to be completed in 2017.

Stoel Rives attorneys who represented SoCore Energy in the acquisition transaction as well as bankruptcy proceedings include Sara Bergan, Thomas Braun, Emma Fazio, Oren Haker, Kevin Johnson, David Levant, Drew Moratzka, Sara Johnson Phillips, and David Quinby.

Key Contributors

Sara E. Bergan
Thomas J. Braun
Kevin D. Johnson
David B. Levant
Andrew P. Moratzka
David T. Quinby
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