SunEdison LLC (SunEdison) has closed $20 million in project financing with Union Bank. North America in February, 2009. The funds provide initial financing on two projects, including a 1.7 megawatt (MW) ground mount installation hosted by the City of Rifle, Colorado. The photovoltaic (PV) solar energy systems were built with no upfront costs to the host organizations. SunEdison financed, built and operates systems under long-term solar power services agreements.
Union Bank also financed SunEdison’s 8.2 MW utility-scale photovoltaic solar energy system in Alamosa, Colorado.
Due to the company’s advanced monitoring and services platform, SunEdison’s portfolio of solar assets performed at over 100% of expected output in 2008, generating stable, low risk cash flows for investors.
“Despite a contraction in the U.S. tax equity market, SunEdison’s leading investor relationships have allowed us to develop financing innovations that bring immediate tangible value for our current and new investment partners. These improved structures also allow us to more efficiently scale our U.S. tax equity financing and serve a larger group of customers,” noted Carlos Domenech, chief operating officer and chief financial officer of SunEdison.
Lance Markowitz, senior vice president at Union Bank, “We are pleased to complete our second deal with SunEdison. They are a proven leader in the solar PV market developing and building quality projects.”