SunEdison & De Lage Landen Double Distributed Generation Solar Fund to Over $100 Million
BELMONT, Calif., Dec. 3, 2013 /PRNewswire/ -- SunEdison, (NYSE: SUNE) a leading global solar energy services and technology provider, today announced that De Lage Landen Financial Services (DLL), a global provider of asset-based financing solutions, has increased its investment to over $100 million in a sale-leaseback fund. The fund, originally announced in December 2012, delivers financing to distributed generation solar PV projects developed by SunEdison within the United States and is expected to enable new commercial and municipal customers to realize energy savings through solar energy. The newly funded projects are scheduled for completion in 2013.
"DLL is a great partner for SunEdison and we are excited to expand our relationship with them," said Chris Bailey, Vice President of North America Structured Finance and Corporate Development. "SunEdison is focused on driving industry and company growth, maximizing the retained value of solar energy assets, and building our balance sheet to enable these goals. Our success with the initial fund and our expanded relationship with DLL contributes significantly to these goals."
"We are committed to increasing the availability of clean energy in support of our business and sustainability goals," said Bruce Trachtenberg, VP and Global General Manager Clean Technology at DLL. "Extending our relationship with SunEdison is a clear choice. We know they will take good care of our customers and build reliable solar assets that will produce energy for decades to come."
Providing, low-cost funding creates new markets and increases the customer base for solar energy. Investing in solar allows U.S. companies to reduce energy costs and reallocate those resources to their core business while creating new jobs.
According to Phillip Jordan, Vice President BW Research, "Solar power makes economic sense for more and more homeowners and businesses in the U.S., but lack of up-front capital has prevented many would-be buyers from entering the market. My research indicates that increasing the availability of funding for distributed generation solar not only saves businesses money, but creates good paying jobs."
"Distributed generation is one of the fastest growing solar segments in the United States," said Attila Toth, General Manager Distributed Generation for SunEdison. "This relationship with DLL is one of the many ways we are working to help new customers enter the market and grow our business. Working with a great partner like DLL helps us focus on our core business while increasing shareholder value."
SunEdison is a global leader in semiconductor and solar technology. SunEdison's semiconductor business has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the next generation of high performance semiconductor devices. SunEdison's solar business develops, finances, installs and operates distributed power plants, delivering predictably priced solar energy and services for its commercial, government and utility customers. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE."
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.