SunEdison finances two Ontario solar projects with 33 MW of capacity

SunEdison (NYSE: SUNE) announced April 23 that it has closed on C$115m in financing for two solar power plants, with a total of 33 MW of capacity, to be built in Ontario, Canada.

Deutsche Bank Securities Inc. is providing construction financing. SunEdison will manage the construction of the two plants, which are both planned to be operational by the end of 2014.

The 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 $6bn in capital to fund renewable energy project development globally. 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.” 

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.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.