BELMONT, Calif. and BETHESDA, Md., Jan. 21, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, and TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, today announced that they have secured financing to build five large-scale solar farms in the UK which will generate 85.2 megawatts of electricity, enough to power more than 26,000 homes. The projects were previously added to the call right list of TerraForm Power and are expected to be acquired by the company in early 2015.
Financing for the solar farms has been provided by Santander Global Banking and Markets (Santander) and Bayerische Landesbank, who acted as arrangers and Santander UK who acted as agent. Santander and Bayerische Landesbank each provided a £35 million non-recourse bridge loan with a tenor of two years, bringing the total amount financed to £70 million. SunEdison has begun construction on all five sites, and will complete them in the first quarter of 2015.
Jose Perez, President of SunEdison EMEA and Latin America stated: "We are pleased to partner with Santander and Bayerische Landesbank in this portfolio of projects that will supply the UK market with more renewable energy generation from a competitive and low carbon source."
Perez added, "Securing funds to meet the capital requirements of these projects is another significant milestone for SunEdison this year and strengthens our position as a key player in the solar energy industry in the UK, where we have interconnected 250MW since 2013."
"As today's announcement demonstrates, TerraForm Power and SunEdison continue to work in tandem to expand our clean energy businesses and bring value to our customers and shareholders," said Carlos Domenech, President and Chief Executive Officer of TerraForm Power.
Alejandro Ciruelos, Head of Acquisition and Project Finance, Santander UK said: "We are delighted to continue working with SunEdison in the development of its UK-based solar portfolio. This transaction enhances our position in this market by supporting the strategy of one of our most important clients in the renewable energy sector."
"We are pleased to have been involved in this successful closing of the large scale UK portfolio of 85.2 megawatts for SunEdison," stated Alexander von Dobschutz, Bayerische Landesbank's Managing Director, Global Head Financial Institutions & Structured Finance. "The UK renewables market continues to be an important strategic market for our international project finance business," he added.
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 and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." For more information, please 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: www.terraform.com.
About Santander Global Banking and Markets
Santander Global Banking & Markets Is the global business unit of Grupo Santander entrusted with meeting the needs of customers which, because of their size, complexity or sophistication, require customized services or value-added wholesale products.
About Bayerische Landesbank
Bayerische Landsbank is an experienced and committed lender to the renewable energy sector, having for many years provided financing solutions to renewable energy companies focused on solar, wind, solar thermal and geothermal technologies, throughout Europe and North America. For more information, please visit www.bayernlb.de
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements including the solar farms will generate 85.2 megawatts of electricity, enough to power more than 26,000 homes; the projects are expected to be acquired by TerraForm in early 2015; and SunEdison has begun construction on all five sites, and will complete them in the first quarter of 2015. 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 TerraForm's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison and TerraForm'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.
SOURCE SunEdison, Inc.