US developer Pattern Renewables has agreed to buy the 600MW King Pine wind project in Maine from now-bankrupt SunEdison.
The deal is contingent on the wind farm winning a power purchase agreement in a competitive request for proposals, according to a bankruptcy court filing.
Pattern agreed to pay $26.5m for the development rights to King Pine. The terms of the sale include adjustments if the rate used to start power price negotiations is lower than $66/MWh.
A group of southern New England states in February received more than two dozen bids in a clean energy call for at least 5000GWh/year of power.
SunEdison submitted the 600MW King Pine proposal. The company also joined with EDP and transmission companies Emera Maine and Central Maine Power on a proposal to supply up to 1250MW to electric distribution companies in Massachusetts, Connecticut and Rhode Island.
The utilities are expected to award contracts in July or August.
Image: Pattern Energy
