BELMONT, Calif., Sept. 11, 2012 /PRNewswire/ — SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials, Inc. (WFR), announced that it completed a $40 million expansion of its project finance revolving credit facility, bringing the total capacity of the facility to $150 million.
The expansion is the result of adding a new lender, TD Bank Group, which joins existing partners, Deutsche Bank and Portigon. Deutsche Bank acted as mandated lead arranger and sole bookrunner for the facility.
The credit facility is used to support the construction costs of utility and distributed generation solar projects throughout the United States and Ontario. The construction loans are non-recourse debt which means that they are secured only by a pledge of project collateral, including the project contracts and solar equipment. The new capital is immediately available.
As of June 30 2012, SunEdison had interconnected more than 628 solar energy systems representing more than 830 megawatts of installed solar capacity. This deployed solar base, financed predominately through bank funding, makes SunEdison one of world’s leading providers of solar energy services.
“SunEdison has a long standing relationship with TD Bank Group, and we are pleased to welcome them as a participant lender in our construction revolver,” commented Chris Bailey, VP of North America Project Finance for SunEdison. “We are fortunate to count some of the world’s leading banks as financial partners. This enhanced revolver provides an additional level of flexibility as we continue to execute on our North American pipeline of projects.”