US-based solar technology manufacturer SunEdison has secured a $150m loan from Deutsche Bank Securities, in a move to fund its growth in North America.
The loan, which is a part of $300m three-year project finance revolving credit facility arranged by the bank, will be used in the development and acquisition of new projects in the US and Canada.
SunEdison North America Project Finance vice president Ryan Bennett said that this facility continues the company’s successful utilization of the prior revolvers and generates significant project capital needed for its ongoing growth, thereby enhancing its 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," added Bennett.
SunEdison develops, manufactures and sells silicon wafers to the semiconductor industry. It also manufactures polysilicon, silicon wafers, and solar modules.
The company operates through two segments, Solar Energy and Semiconductor Materials.
Image: SunEdison manufactures polysilicon, silicon wafers, and solar modules. Photo: courtesy of Witthaya Phonsawat / FreeDigitalPhotos.net.