SunEdison announced that is has closed the first $150m of a $300m three-year project finance revolving credit facility arranged by Deutsche Bank Securities to support the development and acquisition of new projects in the US and Canada.
The credit facility is immediately available. The upsizing of the credit facility will occur in the near term with additional bank syndicate participants.
This facility marks the third successful iteration of construction revolvers that SunEdison has capitalized, and includes features designed to fuel the company’s growth. SunEdison has utilized a cumulative $1.2 billion in funds from the prior revolving facility, representing 325 MW of financed projects.
"We’re pleased to strengthen our relationship with Deutsche Bank," said Ryan Bennett, vice president of project finance, North America, SunEdison. "This facility continues our successful utilization of the prior revolvers and generates significant project capital needed for our ongoing growth, thereby enhancing our corporate balance sheet. Deutsche Bank has been a terrific partner for us and we look forward to putting this facility to work as we expand throughout Canada and the United States."