SunEdison Secures $300 Million Project Finance Revolving Credit Facility from Deutsche Bank and Rabobank for the Construction of Solar PV Projects in North America
BELTSVILLE, Md., Oct. 12, 2011 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), has secured a $300 million three-year project finance revolving credit facility arranged by Deutsche Bank Securities, Inc. and Rabobank. The credit facility will be used to support the construction costs of utility and rooftop solar projects throughout the United States and Canada and the capital is immediately available.
This is one of the largest non-recourse project financing revolving credit facilities ever issued for photovoltaic projects. The construction loans are non-recourse debt which means that they are only secured by a pledge of the collateral including the project contracts and equipment.
Currently, SunEdison has more than 500 solar energy systems deployed throughout the United States and Canada and 330 MW of installed solar capacity. This deployed solar base, financed predominately through bank funding, makes SunEdison one of the leading providers of solar energy to the U.S. and Canadian markets.
SunEdison continues to look for additional banking partners to finance its strong pipeline of solar projects in North America with additional opportunities available for lenders within this facility.
Terms of the final agreement were not released.
SunEdison is a global provider of solar-energy services. 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 2010 SunEdison deployed more than 160 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in semiconductor and solar technology. MEMC 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 subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
Rabobank is a global financial services leader providing wholesale and retail banking for the food and agricultural industry, asset and investment management, leasing, real estate services, and renewable energy project financing. Founded over a century ago, Rabobank today is one of the largest banks in the world, with more than $850 billion in assets and operations in over 45 countries. Rabobank is the only private bank with a triple A credit rating from both Standard & Poor's and Moody's, and is ranked among the world's safest banks by Global Finance magazine. Rabobank's Renewable Energy & Infrastructure Finance group provides financing for wind, solar and biomass energy projects in North America and other international markets.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 73 countries (as of June 30, 2011), Deutsche Bank offers unparalleled financial services throughout the world. (http://www.db.com)