News Article
JP Morgan To Invest $ 60 Million In US Solar
JPMorgan to finance an estimated $60 million for SunEdison solar projects
SunEdison, a worldwide solar energy services provider and subsidiary of MEMC Electronic Materials have 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."
