SunEdison closes financing for the 156 MW Comanche Solar project

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SunEdison closes financing for the 156 MW Comanche Solar project

SunEdison has closed US$253 million financing and has begun construction on one of its largest solar power plants to date, the 156 MW Comanche Solar project in Pueblo, Colorado.

When completed, the Comanche Solar project will be the largest solar power plant east of the Rocky Mountains. The Comanche solar power plant will be the largest in Colorado and is expected to produce more than 300 gigawatt-hours of energy a year, enough to power approximately 30,000 Colorado homes.

Public Service Company of Colorado, a subsidiary of Xcel Energy with more than 1.4 million customers, will purchase electricity generated by the solar power plant under a 25-year power purchase agreement (PPA).

Construction has commenced on the project and will be managed by Renewable Energy Systems Americas Inc. (RES), based in Broomfield, Colo., a leader in the development, engineering, and construction of wind, solar, transmission and energy storage projects.

Wells Fargo is providing tax equity for the project. Operation and maintenance of the solar power plant will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.

Paul Gaynor, SunEdison executive vice president for EMEA and the Americas, stated:

"The Comanche Solar project demonstrates SunEdison's ability to deliver renewable energy at a price competitive with conventional resources. In addition, the Comanche Solar project will be financed through SunEdison's $1.5 billion non-recourse, First Reserve Warehouse. This facility is designed to expand as projects move into construction without incremental equity contributions by SunEdison."

David Eves, president of Public Service Company of Colorado, anXcel Energy company, commented

"SunEdison, through the Comanche Solar project, is helping move us in the right direction. It demonstrates that large-scale solar power can play an increasingly larger role in our customers' energy future at a competitive price point. Our participation in this project demonstrates that Xcel Energy is committed to providing customers the clean energy they want, at an affordable price."

Andrew Fowler, Chief Operating Officer of RES, added:

"RES is pleased to continue our partnership with SunEdison. Colorado has demonstrated a commitment to remain a leader in renewable energy. The Comanche Solar project will be RES' second large scale renewable energy project in this state and our sixth cooperative project with SunEdison. Together we are creating jobs, reducing emissions, and delivering economic benefits to local communities."

SunEdison acquired Comanche Solar in 2014 from the original developer, Community Energy, based inBoulder, Colo. The solar power plant is expected to be completed during the first half of 2016.

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