SaveSolar developed and operated community solar projects focusing on low-to-moderate income housing areas and commercial rooftops, while ensuring residents receive the benefits of lowered electricity costs. Current capacity of seven projects represented 4.3MW across DC and MD with secured interconnection and eligible for PEPCO’s community solar program. 

Events Leading to Bankruptcy: SaveSolar ran into Covid 19 related headwinds that created liquidity shortfalls.  Contributing to the operating challenges, a subcontract took payments for future work and subsequently filed for bankruptcy.

Securing DIP/Stalking Horse: Facing severe liquidity issues and balancing on the edge of a conversion to Chapter 7, we secured a $0.75 million DIP/Stalking Horse Proposal from Edson Redball DevCo LLC, permitting SaveSolar the time to run an orderly marketing process for all of its assets heading into a July 18th Auction. The Stalking Horse bid equaled $7.5 million, with the topping bid equal to at least $8.05 million.

Sale of Assets: Ran a successful §363 Auction that resulted in an improvement of over $1.0 million in the Stalking Horse bid. The Stalking Horse Redball Energy prevailed in a vigorous auction.

Efficient Process: The Debtors were essentially on the brink of liquidation when in less than six weeks we secured a DIP/Stalking Horse proposal that allowed management to operate as a going concern, materially enhancing the recovery for all stakeholder in the Administratively Solvent case.

• Spared the Debtors a conversion to Chapter 7 by locating a DIP

• Conducted an expedited sale to preserve value to the state.

• Completed a transaction where time and cash were in short supply.