Bankrupt renewable power plant developer SunEdison Inc. has asked a U.S. bankruptcy court judge to approve the sale of its stake in a California solar project to an affiliate of hedge fund D.E. Shaw, Reuters reported yesterday. The purchase price of the interest is $80 million, and SunEdison expects to net $70 million in the sale, according to court filings made on Tuesday. SunEdison filed for bankruptcy in April after an aggressive growth plan proved unsuccessful. The power plant, in southern California, is not yet complete, according to court papers. Progress slowed substantially after SunEdison filed for bankruptcy, the papers say. The company will ask for an expedited auction, should the judge not grant SunEdison's request for a sale, with the D.E. Shaw affiliate's offer as the stalking-horse bid, setting the floor for others. In an auction, D.E. Shaw has offered to pay $10 million less for the stake in the plant, according to the papers.
