SoCore Energy to buy 22 Minnesota solar projects from SunEdisonStaff Writer | September 27, 2016
SoCore Energy, a subsidiary of Edison International, has agreed to acquire equity interests in 22 community solar garden development projects in Minnesota.
Green energy $79.8 million for new projects
The acquisition of these equity interests was approved with an order from the U.S. Bankruptcy Court in New York, for a total price of up to $79.8 million if all projects are completed.
Once constructed, these projects will provide up to 140 megawatts (MW) of solar generated power to meet the growing demand for renewable energy in the state.
SoCore has existing solar installations in Minnesota focused on the needs of commercial customers and is developing several other solar projects to serve those customers, as well as electric cooperatives in the state.
These new projects acquired from SunEdison will form an integral part of SoCore’s expanding portfolio, with several projects commencing construction as early as the fourth quarter of 2016.
SoCore is targeting completion of all project development and construction in 2017 using third-party tax equity and debt financing. ■