News Article
Financing Secured For Duke Project
SunEdison secures financing from Bank of America Merrill Lynch for Duke Energy's 17.3MW deployment
SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials has announced that Bank of America Merrill Lynch has committed to financing the final two phases of SunEdison's 17.3 megawatt (MW) solar farm project in Davidson County, North Carolina. The solar farm is being deployed through solar power purchase agreements between Duke Energy Carolinas and SunEdison. Once all phases are activated, the 17.3MW solar farm is expected to generate over 510 million kilowatt hours of energy over 20 years—enough energy to power over 48,000 U.S. homes for one year.
"Bank of America Merrill Lynch is extremely pleased to help bring utility-scale solar power to our home market of North Carolina and build on our long-standing corporate relationship with MEMC," said Todd Karas, President of Banc of America Public Capital Corp. "Our financing of this project is a powerful example of Bank of America's 10-year, $20 billion business initiative focused on addressing climate change."
The financing of the 17.3MW solar farm affords SunEdison the opportunity to offer "no-upfront cost" solar solutions to Duke Energy with long-term predictable energy pricing. Through solar power purchase agreements, SunEdison will finance, construct, monitor and maintain the solar farm and Duke Energy will purchase the energy produced for 20 years to add to their renewable energy mix.
"Since 2004, SunEdison has deployed over 340 solar power plants across the globe," said William Lee, Vice President of Project Finance and Corporate Development at SunEdison. "Through our proven experience and timely deployments, we make solar an easy choice for our customers and our financing partners."
