SunEdison receives $50m funding to construct solar PV plants in US
SunEdison, a subsidiary of MEMC Electronic Materials, has won a three-year, $50m construction loan from Rabobank International to build solar power plants in the US.
SunEdison, a subsidiary of MEMC Electronic Materials, has won a three-year, $50m construction loan from Rabobank International to build solar power plants in the US.
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The funding will be used by SunEdison to finance construction of PV power plants at client (host) locations, allowing solar hosts to buy the energy produced at prices at or below retail rates upon project completion, avoiding upfront costs associated with solar installation.
The $50m construction revolver is expected to expand over the life of the deal for US projects ranging in size from small commercial to utility scale with the addition of more lenders, thereby enhancing SunEdison's ability to execute on its pipeline of solar projects.
SunEdison vice president of project finance and corporate development William Lee said that with close to 250MW of solar deployed worldwide, SunEdison has the experience and know-how that project investors and customers trust.
"SunEdison looks forward to working with Rabobank as we continue to make solar a reality for our customers across the nation," Lee said.
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