SunEdison announced July 31 that it has reached financial close with Norddeutsche Landesbank Girozentrale (NORD/LB) for an 18-MW (dc) solar plant in Ontario.
The project is set to start construction in July and be completed by the end of 2014, at which time it will be sold to Firelight Infrastructure Partners. The facility is expected to generate approximately 20 gigawatt hours of clean energy in the first year, all of which will be fed directly into the energy grid.
“The Bruining project demonstrates SunEdison’s ability to develop solar projects that bring both environmental and economic benefits to the citizens of Ontario,” said Michelle Chislett, Country Manager for SunEdison Canada. “By continuing to work with established capital partners like NORD/LB on projects like Bruining, we can help Ontario meet its clean energy goals.”
The Bruining project is under the Canadian province’s Feed in Tariff program. This project builds upon the growing portfolio of projects by SunEdison and NORD/LB in Ontario, adding to a list that includes several completions in 2011 under the Renewable Energy Standard Offer Program.
“Renewable energy is a mainstay of Nord/LB and we are proud to have been able to support SunEdison again in Ontario,” said Andrew Robinson, Global Head of Structured Finance Originations at NORD/LB.
NORD/LB is providing a construction loan of about C$50.5m, and has committed to provide up to C$63m of long-term debt. White Canada Construction is responsible for project construction. All materials for the project including solar panels, inverters and electrical equipment, will be assembled in Ontario. Once operational, the plant will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services.
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 has offices in North America, Europe, Latin America, Africa, India and Asia.
With total assets of EUR 197 billion, NORD/LB Norddeutsche Landesbank is a leading German business bank. Its core business segments include structured financing in the energy and infrastructure sector.