SunEdison reaches 6 billion in financing with Ontario deal
SunEdison have announced that it has closed on financing of CA$115 Million for two solar power plants to be built in Ontario, Canada. Deutsche Bank Securities is providing construction financing. The plants will provide employment for skilled manufacturing and construction workers in Ontario.
SunEdison will manage the construction of the two plants, which are both planned to be operational by the end of 2014. The solar power plants will be composed of over 100,000 SunEdison Silvantis Photovoltaic Solar Modules, which will be manufactured in the province of Ontario. Silvantis Modules are built using SunEdison polysilicon and wafers to ensure maximum reliability and performance. Once operational, the plants will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring, field dispatch and reporting services.
"The Green Energy Act continues to benefit Ontarians by creating jobs and increasing renewable energy in Ontario," said Michael Dilworth, vice president and country manager for SunEdison Canada. "We have over 130 MW DC [megawatts direct current] of solar energy operating in Ontario today, and are pleased to add these two new utility-scale projects to our portfolio as part of the continued growth of our Canada business."
To date, SunEdison has raised over $6 billion in capital to fund renewable energy project development globally. The company relies on its financial expertise as a key element of its ongoing efforts to further reduce the cost of building solar power plants. SunEdison's relationship with Deutsche Bank is a key element of this effort.
"Deutsche Bank is one of the world's top financial institutions and we are privileged to have an ongoing relationship with them," said Ryan Bennett, vice president of project finance, North America, SunEdison. "This relationship helps us deliver maximum value to our shareholders by helping us keep capital costs low and facilitating our growth while preserving our balance sheet."
According to the U.S. Environmental Protection Agency Greenhouse Gas Equivalencies Calculator, the two plants will offset the CO2 emissions of over 15.5 million pounds of coal annually. Together they will supply enough clean energy to power 1,300 homes each year.
