SunEdison and TerraForm Power have secured £70m in financing to construct five solar projects in the UK, totaling 85.2MW.

Solar panel

Santander Global Banking and Markets and Bayerische Landesbank have each provided a £35m non-recourse bridge loan.

Upon completion, the solar farms will generate enough energy for over 26,000 homes.

SunEdison expects to complete construction on all five sites in the first quarter of 2015.

SunEdison EMEA and Latin America president Jose Perez said: "We are pleased to partner with Santander and Bayerische Landesbank in this portfolio of projects that will supply the UK market with more renewable energy generation from a competitive and low carbon source.

"Securing funds to meet the capital requirements of these projects is another significant milestone for SunEdison this year and strengthens our position as a key player in the solar energy industry in the UK, where we have interconnected 250MW since 2013."

The projects were earlier added to TerraForm Power’s call right list and the company expects to acquire them in early 2015.

TerraForm Power president and chief executive officer Carlos Domenech said: "As today’s announcement demonstrates, TerraForm Power and SunEdison continue to work in tandem to expand our clean energy businesses and bring value to our customers and shareholders."

TerraForm has recently acquired 21 distributed generation solar power plants in the US comprising 26MW from SunEdison for $47m.

Image: The five solar projects in the UK will generate enough energy for over 26,000 homes. Photo: Courtesy of Naypong/FreeDigitalPhotos.net.