SunEdison Closes US$ 190 Million Project Financing for one of the Largest Merchant Solar Power Plants in Latin America This Deal Consolidates the Leadership Position of SunEdison in Latin America
SunEdison, Inc. (NYSE:SUNE), a leading global solar technology manufacturer and provider of solar energy services, announced the closing of a US$ 155 million non-recourse debt financing arrangement with the Overseas Private Investment Corporation (OPIC), the Inter-American Development Bank (IDB), and CorpBanca, a prominent Chilean commercial bank, who also provided a local Chilean Peso VAT facility equivalent to US $35 million. The debt proceeds will be used in Chile for the construction of a 72.8 MWp (megawatt) merchant solar power plant.
Interconnection of the 72.8 MWp plant is expected to take place during 2014. Once completed, the project, called "Maria Elena" and located in the Antofagasta region of Chile, is set to become one of the largest solar photovoltaic merchant power plants in Latin America and one of the largest in the world. Electricity generated from the merchant solar plant will be fed directly into the Chilean national electricity grid and will be sold directly in the spot market without any incentive support.
Jose Perez, president, Europe, Middle East, Africa and Latin America for SunEdison, stated: "Today (June 30th) marks a new milestone in the energy industry - this power plant demonstrates that photovoltaic solar energy can compete with traditional energy sources and win. It is an international benchmark for the development of solar energy."
SunEdison will own and operate the plant as part of its ongoing strategy to maximize retained value. Once operational, the solar systems will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services. Data collected from the ROC is used to continuously improve the company's products, project designs and service offerings.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE."
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the interconnection of the 72.8 MWp plant is expected to take place during 2014; and once completed, the project is set to become one of the largest solar photovoltaic merchant plants in Latin America and one of the largest in the world. 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; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
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