BELMONT, Calif., Nov. 20, 2013 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading worldwide solar energy services provider today announced the closing of a $100.4 million non-recourse debt financing arrangement with the Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution and IFC, a member of the World Bank Group. The debt proceeds will be used in Chile for the construction of a 50.7 MWp solar power plant, to inject energy directly into the Central Interconnected System (SIC), selling all its production in the spot market (merchant solar).
OPIC is providing $62.9 million of debt, IFC is providing a parallel loan of U.S. $37.5 million and Rabobank is providing a local Chilean Peso VAT facility for the equivalent of U.S. $25.6 million.
Interconnection of the 50.7 MWp plant is expected to take place during the first quarter of 2014. Once completed, the project, called "San Andres" and located in the Atacama region, is set to become the largest solar photovoltaic merchant plant in Latin America in 2014 and one of the largest in the world.
Pancho Perez, SunEdison President for Europe, Middle East, Africa and Latin America, stated, "This plant represents significant growth for SunEdison and Chile's PV industry, and significant value creation for SunEdison, investors and the region. The San Andres merchant PV plant highlights SunEdison's ability to deploy innovative energy solutions that address consumers' electricity needs, contribute to national economic growth by reducing energy cost, and serve as a reference for the industry worldwide. We are very proud to partner once again with OPIC, IFC and Rabobank in Chile to enable this worldwide flagship project."
Perez added, "When completed, San Andres will be the one of the first merchant PV plants and will demonstrate that solar photovoltaic is already a competitive energy source in countries like Chile. This project reinforces SunEdison's leadership in the Latin American renewable energy market and reaffirms our commitment to clean energy industry development in Chile."
"OPIC is excited to support this landmark project which will help Chile take advantage of its solar potential, increase access to energy, and create local jobs," said Elizabeth L. Littlefield, OPIC President and CEO. "This is an important renewable energy project for OPIC in Chile and we look forward to advancing it while continuing our strong partnership with SunEdison."
"This project proves that with the right sponsors, domestic environment and financiers, debt financing has become a viable option for merchant solar plants. IFC's support is a continuation of our strategy to promote commercially competitive renewable solutions in Chile and the wider region," said Jean Philippe Prosper, IFC Vice President for Sub- Saharan Africa, Latin America and the Caribbean.
"Rabobank is very pleased to extend our relationship with SunEdison with financing for this second Chilean PV solar energy plant," said Thomas Emmons, Head of Project Finance for Rabobank in the Americas. "Our support of both the San Andres and Amanecer Solar CAP projects signals our belief in the long-term prospects for renewable energy in Chile, where we are also active in agribusiness lending, and our commitment to partnering with leaders in the solar power industry such as 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
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
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
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
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 first quarter of 2014 and that the power plant "San Andres" is expected to be the largest merchant 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.