SunEdison, a global solar energy services provider and a subsidiary of MEMC Electronic Materials, has secured financing from Bank of America Merrill Lynch for the final two phases of its 17.3MW solar farm project in Davidson County, North Carolina.
Upon completion, the solar farm that is being deployed through 20 years power purchase agreements between Duke Energy Carolinas and SunEdison, is expected to generate over 510 million kilowatt hours of energy over the life of the project.
The financing from Bank of America Merrill Lynch will enable SunEdison, which will finance, construct, monitor and maintain the 17.3MW solar farm, to offer ‘no-upfront cost’ solar power to Duke Energy with long-term predictable energy pricing.
Bank of America Public Capital president Todd Karas said that Bank of America Merrill Lynch is extremely pleased to help bring utility-scale solar power to their home market of North Carolina and build on their long-standing corporate relationship with MEMC.
“Our financing of this project is a powerful example of Bank of America’s 10-year, $20bn business initiative focused on addressing climate change,” Karas said.