SunEdison in partnership with IFC, Overseas Private Investment Corporation (OPIC) and UniCredit have completed a €155m ($207m) non-recourse debt financing arrangement for SunEdison's 60.4MWp solar power plant in Bulgaria.
Located about 160km southeast of the capital city Sofia, the project covers an area of 100ha and utilizes more than 214,000 solar modules.
About €46.1m ($61m) funding for the project was provided by IFC and gathered an additional €41.1m ($55m) from UniCredit through a syndication loan, while OPIC provided a $50m parallel loan.
Work on the 60.4MWp solar plant commenced in September 2011, and interconnected to grid in March 2012.
The plant in its first full year of operation is expected to generate sufficient energy to power 27,000 households and avoid 37,400 tons of CO2.
SunEdison expects to complete the sale of the equity of this power plant in 2012.
US-based solar energy services provider SunEdison is a subsidiary of MEMC Electronic Materials; IFC is a member of the World Bank Group.