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1 Utility Could Make a Windfall From SunEdison's Bankruptcy

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The renewable energy vision former CEO David Crane had for NRG Energy (NYSE:NRG) may be taking shape just months after he was fired from his post. The utility is emerging as a leading bidder for assets held by bankrupt SunEdison, and if it can close on those assets, it could be a windfall for the company.

We won't know until at least next month if NRG Energy does win the bid, but if it does, the impact could be huge for the company and its yieldco.

What NRG Energy has its eyes on

SunEdison hasn't found a buyer for the entire company or found a way to restructure its debt to stay in business. So, the company is being sold in pieces and there are 2.1 GW of assets held by SunEdison that it's reportedly begun shopping in bankruptcy. These include 1.25 GW of assets in development across the country, 200 MW of construction ready project in Texas, and 683 MW of projects near completion in Utah. The initial bid is $188 million for these assets and it comes from NRG Energy.

It's not clear exactly how much money NRG Energy would have to invest to finish these projects. However, consider that completed renewable energy projects are worth $2-$3 per watt, well above the $0.09 NRG Energy could be paying for the assets. And with contracts in place, a lot of the work is already done.

More bidders could emerge

NRG Energy is being called the "Stalking Horse" in the bid...


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