There’s no stopping SunEdison. The company has been in the thick of things over the last few days with impressive earnings, acquisitions, and structural changes to the company and its yieldco.
Now, the company has also revealed plans to issue two bonds worth $900 million to raise funds for direct and indirect capacity expansion. The company plans to issue two bonds worth $375 million each with an option of additional purchase of bonds worth $75 million each over a period of 30 days. After factoring in discounts and other related costs, the total proceeds from the bond issues is expected at $863 million.
The funds raised from the bond issues would be used for setting up new projects as well as acquiring existing projects from other companies, the latter could be done through the company’s yieldco TerraForm.
SunEdison has been active across nearly all emerging markets over the last few months. The company has secured projects in South Africa as well as Brazil through competitive auctions. In Brazil, SunEdison has joined hands with Renova Energia to develop 1 GW of solar power projects. In South Africa, the company secured a 75 MW solar power plant in the fourth auction under the Renewable Energy Independent Power Producers Procurement Programme, results for which were announced last month. The company has been participating in these auctions since 2011 and has already commissioned 130 MW of solar power plants.
SunEdison has also pledged to install 10 GW of solar power and 5.2 GW of wind power capacity in India over the next 5-7 years. This is the largest renewable energy commitment made by any company towards India’s target to have 175 GW operational renewable energy capacity by 2022. SunEdison will also invest in the development of India’s largest solar modules manufacturing unit worth $4 billion.
SunEdison boasts over 3 GW of operational solar power capacity from more than 1,000 projects across the world. The company formally entered the wind energy sector following the acquisition of First Wind earlier this year.
Image Credit: SunEdison
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.