BELMONT, Calif., Sept. 10, 2013 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading worldwide solar energy services provider today announced the closing of a $212.5 million non-recourse debt financing arrangement with IFC, a member of the World Bank Group and the Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution. The debt proceeds will be used to finance the construction of a SunEdison owned 100MWp solar power plant in the Atacama Desert, Chile. SunEdison expects to complete construction of this power plant in Q1 of 2014.
IFC provided $65 million of debt, while OPIC provided a $147.5 million parallel loan. Rabobank provided a local Chilean Peso VAT facility worth $45 million. The total value of the debt for this transaction is approximately $260.5 million.
The construction of the 100 MWp plant began in August 2013 and its interconnection is expected to take place in different phases throughout the fourth quarter of 2013 and first quarter of 2014. The power plant "Amanecer Solar CAP" is expected to be the largest solar photovoltaic power plant in Latin America and will inject energy directly to the Central Interconnected System (SIC). The project is originated from an agreement signed in January 2013 with the mining and steel company CAP.
Pancho Perez, President of SunEdison for Europe, Middle East, Africa and Latin America, stated "We are very pleased to partner once more with OPIC and IFC. "Amanecer Solar CAP" is a landmark project that enables the deployment of solar energy in Chile in a meaningful way. Developing sophisticated energy solutions while reducing electricity costs has been a key differentiator of SunEdison's success in Chile."
Furthermore, he added "Photovoltaic solar energy is an ideal source to diversify the current energy mix, reduce energy costs, and contribute to the growing energy demand in a country that has extraordinary conditions for the development of this type of energy. This project is just the first step of SunEdison's long term commitment to the development of the green energy in Chile."
"As one of OPIC's first renewable energy transactions in Chile, this project will take advantage of the country's solar potential to increase energy access and create local jobs," said Elizabeth Littlefield, OPIC President and CEO. "We look forward to continuing the strong partnership with SunEdison as it supports Chile's effort to diversify its energy sources,"
"IFC's support to Chile's renewable energy sector through this landmark solar project with SunEdison is a continuation of our previous wind and hydropower investments in the country," said Bernard Sheahan, IFC Director for Infrastructure and Natural Resource. "We hope that this project will catalyze the growth of Latin America's solar sector and further the Government of Chile's efforts to better develop the country's remarkable renewable energy resources."
"We are pleased to extend our support for our client SunEdison, with whom we have partnered on many projects in the U.S., and look forward to continuing our cooperation," said Ron Klein, Managing Director for Rabobank Project Finance. "Amanecer Solar CAP is an exciting project and we are enthusiastic about the prospects for renewable energy in Chile, where Rabobank has a well-established banking business."
Located in the town near the city of Copiapo, Atacama Region, the project covers an area of approximately 215 hectares and will feature more than 300,000 SunEdison Silvantis™ photovoltaic solar modules mounted on SunEdison AP90 single-axis solar trackers. Once fully completed, it is expected to be the largest solar photovoltaic plant in Latin America. In its first year of operation, the system is expected to generate 270 GWh per year of clean energy, avoiding the emission of over 135,000 tons of CO2, equivalent to removing more than 30,000 cars from the streets.
About SunEdison SunEdison, Inc. (NYSE: SUNE), formerly MEMC Electronic Materials, Inc., is a global leader in semiconductor and solar technology, and a leading solar energy services provider dedicated to transforming lives through innovation. SunEdison provides innovative, advanced technology solutions to corporations, utilities, governments and leading chip manufacturers to transform lives around the world. With R&D and manufacturing facilities in the U.S., Europe and Asia, the company focuses on innovation throughout our business. We carry this commitment throughout our global sales, manufacturing, and support organizations.
As of June 30, 2013, SunEdison has interconnected over 700 power plants representing more than 1 Gigawatt of solar energy. For more information about SunEdison, please visit www.sunedison.com.
About IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges. For more information, visit www.ifc.org
About OPIC: OPIC is the U.S. Government's development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs. For more information about OPIC please visit www.opic.gov
About Rabobank: Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, real estate services, and renewable energy project financing to clients around the world. Founded over a century ago, Rabobank is one of the largest and safest banks in the world, with nearly $1 trillion in assets and operations in more than 40 countries, and ranks among the world's ten safest banks (Global Finance magazine.) Internationally, Rabobank is a premier bank to the food, beverage and agribusiness industry, as well as a leading financial partner in the renewable energy and project finance area. www.Rabobank.com
Forward-Looking Statements Certain matters discussed in this press release are forward-looking statements, including that the interconnection is expected to take place in different phases throughout the fourth quarter of 2013 and first quarter of 2014 and that the power plant "Amanecer Solar CAP" is expected to be the largest solar photovoltaic power plant in Latin America. 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 delays or interruptions in construction of power plants; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.