DLL to Finance $52.5 Million in SunEdison Distributed Generation Solar Energy Projects
BELMONT, Calif., Dec. 4, 2012 /PRNewswire/ -- SunEdison, a leading global solar energy services provider, and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), today announced that De Lage Landen Financial Services, Inc., a subsidiary of Rabobank Group, has committed to invest $52.5 million into a sale-leaseback fund. This fund will deliver financing to distributed generation solar PV projects developed by SunEdison within the United States.
The financing from DLL will help support SunEdison's growing portfolio of distributed generation solar energy projects. SunEdison's aggressive cost structure and DLL's competitive financing allows SunEdison to offer their commercial and municipal customers energy savings with clean and reliable electricity.
"SunEdison is excited to expand our financing relationships in the U.S. to include DLL with the closing of this fund," said Chris Bailey, Vice President of Project Finance North America. "Developing scalable financial structures with strong partners like DLL is one of the keys to our success and we look forward to growing the fund in 2013."
De Lage Landen Financial Services will provide financing through a long term lease agreement with a SunEdison project subsidiary that efficiently monetizes the tax benefits and cash flows from customer power purchase agreements. "Our commitment to sustainability coupled with SunEdison's leading industry reputation makes this partnership a great fit that we look forward to growing in the years to come," stated Mark McGovern, GM – Clean Technology, De Lage Landen.
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, and predictably priced solar energy services for its commercial, government and utility customers. In 2011 SunEdison interconnected approximately 300 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison division, MEMC is also a developer of solar power projects and North America's largest solar energy services provider.
MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR". For more information about MEMC, please visit www.memc.com.
About De Lage Landen
De Lage Landen, a fully owned subsidiary of Rabobank Group, specializes in asset-based financing programs for equipment manufacturers, dealers and distributors all over the world. Our programs cover our customers' total distribution chain, as well as the entire lease lifecycle. We care not only about our customers, but also about the communities in which we operate. We strive to have a positive social and environmental impact through our products and the way we conduct business. For more information, please visit our website: www.delagelanden.com.