SunEdison, IFC and OPIC Close $212.5M Project Financing arrangement for a 100 MWp Solar Power Plant in Chile
September 10, 2013
(OPIC)
BELMONT, Calif. — SunEdison, Inc. (NYSE:SUNE), a leading worldwide solar energy
services provider today announced the closing of a $212.5 million non-recourse
debt financing arrangement with IFC, a member of the World Bank Group and the
Overseas Private Investment Corporation (OPIC), the U.S. Government’s
development finance institution. The debt proceeds will be used to finance the
construction of a SunEdison owned 100MWp solar power plant in the Atacama
Desert, Chile. SunEdison expects to complete construction of this power plant in
Q1 of 2014.
IFC provided $65 million of debt, while OPIC provided a $147.5 million parallel
loan. Rabobank provided a local Chilean Peso VAT facility worth $45 million. The
total value of the debt for this transaction is approximately $260.5 million.
The construction of the 100 MWp plant began in August 2013 and its
interconnection is expected to take place in different phases throughout the
fourth quarter of 2013 and first quarter of 2014. The power plant “Amanecer
Solar CAP” is expected to be the largest solar photovoltaic power plant in Latin
America and will inject energy directly to the Central Interconnected System
(SIC). The project is originated from an agreement signed in January 2013 with
the mining and steel company CAP.
Pancho Perez, President of SunEdison for Europe, Middle East, Africa and Latin
America, stated “We are very pleased to partner once more with OPIC and IFC.
“Amanecer Solar CAP” is a landmark project that enables the deployment of solar
energy in Chile in a meaningful way. Developing sophisticated energy solutions
while reducing electricity costs has been a key differentiator of SunEdison’s
success in Chile.”
Furthermore, he added “Photovoltaic solar energy is an ideal source to diversify
the current energy mix, reduce energy costs, and contribute to the growing
energy demand in a country that has extraordinary conditions for the development
of this type of energy. This project is just the first step of SunEdison’s long
term commitment to the development of the green energy in Chile.”
“As one of OPIC’s first renewable energy transactions in Chile, this project
will take advantage of the country’s solar potential to increase energy access
and create local jobs,” said Elizabeth Littlefield, OPIC President and CEO. “We
look forward to continuing the strong partnership with SunEdison as it supports
Chile’s effort to diversify its energy sources,”
"IFC’s support to Chile’s renewable energy sector through this landmark solar
project with SunEdison is a continuation of our previous wind and hydropower
investments in the country,” said Bernard Sheahan, IFC Director for
Infrastructure and Natural Resource. “We hope that this project will catalyze
the growth of Latin America’s solar sector and further the Government of Chile’s
efforts to better develop the country’s remarkable renewable energy resources.”
“We are pleased to extend our support for our client SunEdison, with whom we
have partnered on many projects in the U.S., and look forward to continuing our
cooperation,“ said Ron Klein, Managing Director for Rabobank Project Finance.
“Amanecer Solar CAP is an exciting project and we are enthusiastic about the
prospects for renewable energy in Chile, where Rabobank has a well-established
banking business.”
Located in the town near the city of Copiapo, Atacama Region, the project covers
an area of approximately 215 hectares and will feature more than 300,000
SunEdison Silvantis™ photovoltaic solar modules mounted on SunEdison AP90
single-axis solar trackers. Once fully completed, it is expected to be the
largest solar photovoltaic plant in Latin America. In its first year of
operation, the system is expected to generate 2,700 kWh per year of clean
energy, avoiding the emission of over 135,000 tons of CO2, equivalent to
removing more than 30,000 cars from the streets.
About SunEdison
SunEdison, Inc. (NYSE:SUNE), formerly MEMC Electronic Materials, Inc., is a
global leader in semiconductor and solar technology, and a leading solar energy
services provider dedicated to transforming lives through innovation. SunEdison
provides innovative, advanced technology solutions to corporations, utilities,
governments and leading chip manufacturers to transform lives around the world.
With R&D and manufacturing facilities in the U.S., Europe and Asia, the
company focuses on innovation throughout our business. We carry this commitment
throughout our global sales, manufacturing, and support organizations.
As of June 30, 2013, SunEdison has interconnected over 700 power plants
representing more than 1 Gigawatt of solar energy. For more information about
SunEdison, please visit www.sunedison.com.
About IFC
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and promote shared prosperity. In
FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the world’s
most pressing development challenges. For more information, visit www.ifc.org
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