BELMONT, Calif., Dec. 16, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, today announced that is has closed its second fund for distributed generation projects in the United States with Barclays and Citi. The lease pass-through fund is valued at $117 million, and follows on the Barclays and Citi fund closed earlier this year. This brings the aggregate value of funds closed this year with Barclays and Citi for SunEdison and TerraForm Power's distributed generation projects to $290 million.
The fund will provide financing for a portfolio of distributed generation projects in 12 states across the West Coast, mid-Atlantic, New England, Hawaii and Puerto Rico. These projects are expected to be operational in the fourth quarter of 2014 through the first half of 2015. Upon mechanical completion, the projects will be sold to TerraForm Power.
"Barclays and Citi have been great partners, working with SunEdison to bring distributed solar to new markets and customers," said Ryan Bennett, vice president of project finance, North America at SunEdison. "The creation of this second fund, so soon after the first, speaks to the success of our relationship with Barclays and Citi. This latest round continues to support our business model of developing high quality commercial and industrial projects with efficient capital provided by great partners. This is a highly scalable model that allows us to make life easy for our customers. As a result, business is booming."
"The new fund with Barclays and Citi allows TerraForm Power to acquire a portfolio of highly attractive operational projects that are in geographically diverse locations," said Carlos Domenech, president and chief executive officer of TerraForm Power. "With this partnership, TerraForm Power continues to grow rapidly, building strong momentum in the marketplace and delivering value to its shareholders."
"Citi is proud to continue its support for SunEdison and to help expand the financing of distributed generation solar power projects throughout the United States," said Marshal Salant, Head of Alternative Energy Finance at Citi. "Citi is committed to bringing the benefits of clean renewable energy to more businesses and consumers. This second SunEdison fund further develops the market for corporate, industrial and municipal medium-scale projects, and complements Citi's efforts to help clients finance large utility-scale and small-scale residential rooftop solar power projects."
"Barclays is pleased to continue its support of SunEdison through this new fund, demonstrating our desire to continue to grow our role in the distributed generation solar tax equity market. Transactions like this are a real win-win for SunEdison and Barclays, as our expanded investment in SunEdison's solar development business also helps us deliver on our own citizenship commitments," said Rama Subramaniam, managing director, Barclays.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About TerraForm Power
TerraForm Power (Nasdaq: TERP) is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating renewable energy power plants. For more information about TerraForm Power, please visit: www.terraform.com.
Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays' purpose is to help people achieve their ambitions – in the right way. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including these projects are expected to be operational in the fourth quarter of 2014 through the first half of 2015; and upon mechanical completion, the projects will be sold to TerraForm Power. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.