SunEdison, a global leader in semiconductor and solar technology, has closed on financing for two solar power plants to be built in Ontario, Canada.
Deutsche Bank Securities Inc. is providing CAD$115 million in construction financing. To date, SunEdison has raised over US$6 billion in capital to fund renewable energy projects around the world. The investment in Ontario is only the latest round in an ongoing relationship between the company and Deutsche Bank.
Michael Dilworth, vice president and country manager for SunEdison Canada, stated:
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.
Ryan Bennett, vice president of project finance, North America, SunEdison, stated:
Deutsche Bank is one of the world's top financial institutions and we are privileged to have an ongoing relationship with them. 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 will manage the construction of the two plants, which are both planned to be operational by the end of 2014. The 33 MW facilities, with 100,00 modules being manufactured, are projected to produce enough electricity to power 1,300 homes.
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.