SunEdison LLC, a worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, has secured a three-year, $50 million construction revolver with Rabobank International for the deployment of solar photovoltaic power plants in the U.S.
"We are pleased to provide financing that enhances SunEdison's ability to execute on its significant pipeline of solar projects," said Ron Klein, a Managing Director with Rabobank's Renewable Energy Group. "This type of innovative, multi-project, non-recourse facility is possible because of SunEdison's successful track record and expertise. Additionally, it illustrates the maturity of the renewables industry and specifically the solar sector."
SunEdison will utilize the revolver to finance construction of photovoltaic power plants at client (host) locations. Upon completion, the solar hosts will buy the energy produced at prices at or below retail rates while avoiding upfront costs typically associated with solar deployments.
"SunEdison makes investing in solar a smart choice," said William Lee, SunEdison Vice President of Project Finance and Corporate Development. "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."
Currently sized at $50 million for U.S. projects, the construction revolver is expected to expand significantly over the life of the deal with the addition of more lenders. Projects will range in size from small commercial to utility scale.
"Over the past couple of years, financial institutions have become more comfortable with solar photovoltaic construction risk so we expect a number of parties to be interested in joining the facility," said Thomas Emmons, Head of Rabobank's Renewable Energy Group in New York.