SunEdison, IFC, OPIC and UniCredit Complete euro 155m Project Financing Arrangement for a 60.4 MWp Solar Power Plant in Bulgaria

BELMONT, Calif., March 29, 2012 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), today announced it has completed a euro 155 million non-recourse debt financing arrangement with IFC, a member of the World Bank Group, Overseas Private Investment Corporation (OPIC) and UniCredit Group for SunEdison's 60.4MWp solar power plant in Bulgaria.  SunEdison expects to complete the sale of the equity of this power plant in 2012.

IFC provided euro 46.1 million and mobilized an additional euro 41.1 million from UniCredit through a syndication loan, while OPIC provided a $50 million parallel loan. UniCredit Bulbank acted as the Bulgarian local bank and provided a local currency VAT facility worth approximately euro 30 million (58,7 million Bulgarian lev). The total value of the debt for this transaction is approximately euro 155 million.

Construction of the 60.4 MWp / 50 MWac plant began in September 2011, and it was interconnected in March 2012. Located in Karadzhalovo - a village in the municipality of Parvomay, about 160 km southeast of the capital city Sofia - the project covers an area of 100 hectares (equivalent to 100 football fields) and uses more than 214,000 solar modules.  In the first full year of operation, the system is expected to generate sufficient energy to power 27,000 homes and avoid 37,400 tons of CO2 – the equivalent of removing more than 7,000 cars from the road.

Commenting on the agreement, Pancho Perez, General Manager of SunEdison for Europe, Middle East, North Africa and Latin America said: "We are very pleased to collaborate with IFC, OPIC and UniCredit in this transaction. This project is a perfect example of how the combination of state-of-the-art technology and SunEdison's successful track record in the construction, operation and maintenance of solar power plants creates sound investment opportunities for our financing partners."  He continued, "Our long-term commitment to solar projects and our relentless focus on energy production optimization are both key attributes that lead our financing partners to trust in SunEdison."

Tomasz Telma, IFC Director for Europe and Central Asia, said, "IFC's support for renewable energy is an important part of our work to address climate change. The investment in Karadzhalovo is our largest single solar financing to date and the fact that it was completed in just four months is a testament to the strong working relationship among the banks and SunEdison."

OPIC President and CEO Elizabeth Littlefield said, "We are pleased to partner once again with SunEdison, as well as IFC and UniCredit, to support a solar solution for Bulgaria's growing demand for energy.  These types of public-private collaborations – using development financing to leverage private sector investment in state-of-the-art technologies – point the way to ever-increasing use of renewable energy sources in developing regions around the world, a trend we are happy to support."

Gianni Franco Papa, Deputy CEO and Head of the CEE Division at UniCredit Bank Austria added, "We are proud of having contributed to the establishment of the SunEdison Karadzhalovo solar power plant, which was advanced with our comprehensive expertise in arranging complex loans. Together with SunEdison and global institutions IFC and OPIC, we put this very important project in renewable energy on a financially sound and competitive foundation."

About SunEdison:

SunEdison is a global leader in delivering solar power. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, 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.

About MEMC:

MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. The company 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 IFC:

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information about IFC please 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 $74 billion in U.S. exports and supported more than 275,000 American jobs.  For more information about OPIC please visit www.opic.gov.

About UniCredit:

UniCredit is a leading European bank with strong roots in 22 countries. Our overall global network embraces approximately 50 markets, with over 9,500 branches and more than 160.00 employees (as of 30 September 2011). In the CEE region, UniCredit runs the largest international banking network with more than 3,900 branches. The Group operates in Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.

For more information about UniCredit please visit: www.unicreditgroup.eu

Forward-Looking Statements

Certain matters discussed in this press release are forward-looking statements; including that SunEdison expects to complete the sale of the equity of this power plant in 2012; that the 60.4 MW system is expected to expected to generate sufficient energy to power 27,400 homes and avoid 37,400 tons of CO2 – the equivalent of removing more than 7,000 cars from the road. 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 concentrated project development risks related to large scale solar projects; the availability of attractive project finance or other capital, including equity capital; delays or interruptions in construction, deployment or activation; 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 general business and economic conditions, including seasonality of the industry. These forward-looking statements represent SunEdison's judgment as of the date of this release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.

SOURCE SunEdison



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