BELTSVILLE, Md., Oct. 6 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), today announced an agreement with JPMorgan Capital Corporation to fund an estimated $60 million in project financing for SunEdison deployments across key markets in the United States.
The JPMorgan commitment will be funded through SunE Solar Fund X and used to help fund numerous megawatts of solar deployments for both commercial and government projects. This is the first distributed generation solar program for JPMorgan.
"JPMorgan is excited about this opportunity with SunEdison, a key developer in solar, to finance photovoltaic power plants with commercial and government power purchasers," said John Eber, head of energy investments for JP Morgan Capital Corp.
Under SunE Solar Fund X, SunEdison will finance, construct, monitor and maintain photovoltaic power plants at client (host) locations. In return, the solar hosts will buy the energy produced to offset their demand from the grid typically at prices at or below retail rates. The JPMorgan financing will help public and commercial clients realize the benefits of solar without the upfront capital costs typically associated with solar deployments.
"SunEdison is proud to be doing business with JPMorgan," said William Lee, vice president of project finance and corporate development. "With a diverse customer base, more than 390 power plants worldwide and a track record of timely deployments, SunEdison is the right partner for PV solar investments."
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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 2009, SunEdison delivered more kilowatt hours (kWh) of energy than any other solar services provider in North America. For more information about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. 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 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" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.