Published on December 24th, 2014 | by Joshua S Hill0
SunEdison Secures $175 Million Development Fund
December 24th, 2014 by Joshua S Hill
Global solar technology manufacturing company and developer SunEdison has announced that it will benefit from a $175 million solar energy development fund, funded by a unit of JPMorgan Chase & Co. and TerraForm Power.
According to the press release, JPM Capital Corporation will invest up to $75 million into the solar energy development fund, while TerraForm Power will invest $100 million, using the financing to purchase up to 60 MW of solar power projects that SunEdison will develop and construct throughout the remainder of 2014 and through 2015.
“Putting together a fund with an investment commitment from JPM Capital, one of the world’s leading tax equity investors in renewable energy projects, is an important milestone not only for our company, but for the solar industry as a whole,” said Ryan Bennett, vice-president of project finance, North America at SunEdison.
“This is one of the largest funds of its kind in 2014, and it puts SunEdison and Terraform Power in an ideal position to rapidly grow and expand the solar energy market, all while offering excellent pricing and financing to our customers.”
“This fund enables TerraForm Power to make substantial acquisitions that strengthen our position as a leader in the highly fragmented solar energy market,” said Carlos Domenech, president and chief executive officer of TerraForm Power. “Our partnership with SunEdison together with JPM Capital’s investment commitment positions TerraForm Power to continue our expansion in this fast-growing, high-margin segment.”
SunEdison On An Investment Roll
In November, SunEdison announced that it would become the world’s largest clean energy developer as, working in conjunction with its yieldco subsidiary TerraForm Power, it would acquire First Wind in a deal worth $2.4 billion.
“The acquisition of First Wind transforms both SunEdison and TerraForm Power into diversified renewable energy companies and will make SunEdison the leading renewable power plant developer in the world,” said Ahmad Chatila, President and Chief Executive Officer of SunEdison.
But SunEdison’s acquisition is in no way an isolated incident, as it appears SunEdison has been on a roll of late, being involved in a veritable rush of projects and investment opportunities.
In August, SunEdison announced that it had signed an agreement with Antofagasta Minerals to set up a 70 MW solar PV power plant in Chile, worth $15 million. Not long after, SunEdison moved to increase development in the UK and Australia — by purchasing Australian solar installer Energy Matters — and China, after signing a joint venture with JIC Capital to facilitate financing, development, and construction of up to 1 GW of utility-scale solar PV projects across the country.
And that was only from the first page of stories tagged “SunEdison” on CleanTechnica. It’s not hard to imagine 2015 being an even bigger year for SunEdison.