BELTSVILLE, Md., Dec. 21, 2010 /PRNewswire/ -- SunEdison LLC, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), has secured a three-year, $50 million construction revolver with Rabobank International for the deployment of solar photovoltaic power plants in the U.S.
"We are pleased to provide financing that enhances SunEdison's ability to execute on its significant pipeline of solar projects," said Ron Klein, a Managing Director with Rabobank's Renewable Energy Group. "This type of innovative, multi-project, non-recourse facility is possible because of SunEdison's successful track record and expertise. Additionally, it illustrates the maturity of the renewables industry and specifically the solar sector."
SunEdison will utilize the revolver to finance construction of photovoltaic power plants at client (host) locations. Upon completion, the solar hosts will buy the energy produced at prices at or below retail rates while avoiding upfront costs typically associated with solar deployments.
"SunEdison makes investing in solar a smart choice," said William Lee, SunEdison Vice President of Project Finance and Corporate Development. "With close to 250MW of solar deployed worldwide, SunEdison has the experience and know-how that project investors and customers trust. SunEdison looks forward to working with Rabobank as we continue to make solar a reality for our customers across the nation."
Currently sized at $50 million for U.S. projects, the construction revolver is expected to expand significantly over the life of the deal with the addition of more lenders. Projects will range in size from small commercial to utility scale.
"Over the past couple of years, financial institutions have become more comfortable with solar photovoltaic construction risk so we expect a number of parties to be interested in joining the facility," said Thomas Emmons, Head of Rabobank's Renewable Energy Group in New York.
Rabobank is a global financial services leader providing institutional and retail banking as well as financial solutions for the agricultural and renewable energy sectors in key markets around the world. Rabobank is committed to sustainable and socially responsible banking in all our operations, and is recognized as one of the most sustainable banks worldwide. From its century-old roots in the Netherlands, Rabobank has grown into one of the largest banks worldwide, with more than $850 billion in total assets and operations across 40 countries. Rabobank is the only private bank in the world 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.
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.
Certain matters discussed in this press release are forward-looking statements, including that the construction revolver is expected to expand significantly over the life of the deal with the addition of additional lenders. 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; general business and economic conditions, including seasonality of the industry; the timely availability of required permits and authorizations for projects from governmental entities and third parties; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2009 fiscal year and its quarterly reports on Form 10-Q for the first, second and third quarters of 2010. These forward-looking statements represent MEMC's and SunEdison's judgment as of the date of this release. MEMC and SunEdison disclaim, however, any intent or obligation to update these forward-looking statements.