BELMONT, Calif., Dec. 23, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, today announced an agreement with JPM Capital Corporation (JPM Capital) whereby they will invest up to $75 million in a $175 million solar energy development fund. TerraForm Power, Inc (Nasdaq: TERP) will also invest $100 million in the fund, and will use the financing to purchase up to 60 megawatts of solar power projects that SunEdison will develop and construct in 2014 and 2015. This funding enables SunEdison to continue to offer advantageous pricing and financing to customers, and grows TerraForm Power's already robust project pipeline.
"Putting together a fund with an investment commitment from JPM Capital, one of the world's leading tax equity investors in renewable energy projects, is an important milestone not only for our company, but for the solar industry as a whole," said Ryan Bennett, vice-president of project finance, North America at SunEdison. "This is one of the largest funds of its kind in 2014, and it puts SunEdison and Terraform Power in an ideal position to rapidly grow and expand the solar energy market, all while offering excellent pricing and financing to our customers."
"This fund enables TerraForm Power to make substantial acquisitions that strengthen our position as a leader in the highly fragmented solar energy market," said Carlos Domenech, president and chief executive officer of TerraForm Power. "Our partnership with SunEdison together with JPM Capital's investment commitment positions TerraForm Power to continue our expansion in this fast-growing, high-margin segment."
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About Terraform Power
TerraForm Power (Nasdaq:TERP) is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating renewable energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements including TerraForm's use of the financing to purchase up to 60 megawatts of solar power projects that SunEdison will develop and construct in 2014 and 2015; the funding enables SunEdison to continue to offer advantageous pricing and financing to customers, and grows TerraForm Power's already robust project pipeline; this is one of the largest funds of its kind in 2014, and it puts SunEdison and Terraform Power in an ideal position to rapidly grow and expand the solar energy market, all while offering the best pricing and financing to their customers; and this fund enables TerraForm Power to make substantial acquisitions that strengthen its position as a leader in the highly fragmented solar energy market . 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 changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's and Terra Form's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's and TerraForm Power's judgment as of the date of this press release. SunEdison and TerraForm disclaim, however, any intent or obligation to update these forward-looking statements.
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SOURCE SunEdison, Inc.