BELMONT, Calif., April 29, 2014 /PRNewswire/ -- SunEdison (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services announced today that it has closed on construction financing underwritten by Deutsche Bank Securities Inc. The funds will be used to construct the 60 MW (megawatt) AC (alternating current) Regulus solar power plant located in Kern County.
SunEdison is managing the construction of the plant, which is planned to be operational by the end of 2014. Regulus will be composed of approximately 250,000 SunEdison Silvantis™ Photovoltaic Solar Modules. Silvantis Modules are built using SunEdison polysilicon and wafers to ensure maximum reliability and performance. Once operational SunEdison will provide solar asset management services and 24/7 global monitoring, field dispatch and reporting services through its Renewable Operation Center (ROC).
"Regulus is our largest North America project to date and is evidence of the momentum we are building in the California utility scale solar market," said Bob Powell, SunEdison president of North America. "In the past month we've announced completion on the Adobe and Cascade projects which total nearly 40 MW AC. We look forward to participating in the continued growth of the California solar market."
According to the U.S. Environmental Protection Agency Greenhouse Gas Equivalencies Calculator, the two plants will offset the CO2 emissions of over 100 million pounds of coal annually. The plant is designed to generate enough electricity to power over 10,000 homes per year.
SunEdison is a global leader in semiconductor and solar technology. SunEdison's semiconductor business has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the next generation of high performance semiconductor devices. SunEdison's solar business develops, finances, installs and operates distributed power plants, delivering predictably priced solar energy and services for its commercial, government and utility customers. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the Regulus solar power plant will be operational during 2014. 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 filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.