April 8, 2014
SunEdison (NYSE: SUNE), a leading provider of solar energy solutions and services, announced that is has closed the first $150 million of a $300 million three-year project finance revolving credit facility arranged by Deutsche Bank Securities, Inc. to support the development and acquisition of new projects in the United States and Canada. The credit facility is immediately available. The upsizing of the credit facility will occur in the near term with additional bank syndicate participants.
This facility marks the third successful iteration of construction revolvers that SunEdison has capitalized, and includes features designed to fuel the company's growth. SunEdison has utilized a cumulative $1.2 billion in funds from the prior revolving facility, representing 325 MW of financed projects.
"We're pleased to strengthen our relationship with Deutsche Bank," said Ryan Bennett, vice president of project finance, North America, SunEdison. "This facility continues our successful utilization of the prior revolvers and generates significant project capital needed for our ongoing growth, thereby enhancing our corporate balance sheet. Deutsche Bank has been a terrific partner for us and we look forward to putting this facility to work as we expand throughout Canada and the United States."
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."
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