Published in SparkSpread on June 13, 2016
A European bank recently closed non-recourse debt financing for a wind project that was formerly owned by SunEdison.
In the deal, Nord/LB is understood to have underwritten construction financing for Sunflower, a 104 MW wind project located in North Dakota.
SunEdison, which filed for bankruptcy protection on April 21, recently received court approval to sell the Sunflower project to Novatus Energy, a portfolio company of J.P. Morgan’s Infrastructure Investment Fund (IIF).
CohnReznick Capital Markets Securities advised J.P. Morgan on the acquisition.
Goldman Sachs is providing tax equity for the project, SparkSpread has learned.
The Sunflower project, located near Hebron, N.D., is contracted to Basin Electric Power Cooperative under a power purchase agreement.
Meanwhile, Novatus Energy has expressed interest in acquiring from affiliates of SunEdison two solar projects in Texas: the 150 MW Buckthorn facility and the 116 MW Castle Gap project.
Officials at the firms declined comment or could not immediately be reached