SunEdison, IDB, OPIC and CorpBanca close US$190 Million Project Financing for the Largest Merchant Solar Plant in Latin America
June 30, 2014
(OPIC)
BELMONT, California – SunEdison, Inc. (NYSE:SUNE), a leading global solar
technology manufacturer and provider of solar energy services today announced
the closing of a US$ 155 million non-recourse debt financing arrangement with
OPIC (Overseas Private Investment Corporation), the U.S. Government’s
development finance institution, IDB (Inter-American Development Bank), the
largest multilateral lender to Latin America and the Caribbean, CTF (Clean
Technology Fund), a multinational fund whose resources are channeled by IDB to
support investments aimed at having a transformational impact in the reduction
of greenhouse gas emissions, and CorpBanca, one of the most relevant Chilean
commercial banks. The debt proceeds will be used in Chile for the construction
of a 72.8 MWp solar power plant, to inject energy directly into the Sistema
Interconectado del Norte Grande (SING), selling all its production in the spot
market (merchant solar).
OPIC is providing US$ 48.9 million of debt, the IDB is providing US$ 50.3
million of debt directly and is also administering the US$ 16.0 million of debt
from the CTF, and CorpBanca is providing a parallel loan of US$ 39.8 million in
addition to providing a local Chilean Peso VAT facility for the equivalent of US
$35 million. CorpBanca’s participation represents the first time a local bank is
participating in the senior debt facility for a merchant solar project in
Chile.
Interconnection of the 72.8 MWp plant is expected to take place during 2014.
Once completed, the project, called “María Elena” and located in the Antofagasta
region, is set to become the largest solar photovoltaic merchant plant in Latin
America and one of the largest in the world. SunEdison will own and operate the
plant as part of its ongoing strategy to maximize retained value.
José Pérez, president Europe, Middle East, Africa and Latin America for
SunEdison, stated: “Today marks a new milestone in the energy industry – this
power plant demonstrates that photovoltaic solar energy can compete with
traditional energy sources and win. It is an international benchmark for the
development of solar energy”
Pérez added: “María Elena is the next step in our ongoing commitment to Chile’s
energy future and the growth of the solar industry, in the interests of a more
sustainable future for everyone.”
Jean-Marc Aboussouan, Chief of the Infrastructure Division of IDB’s Structured
and Corporate Finance Department, stated “We are proud to continue supporting
the development of the solar energy sector in Chile, together with our private
sector partners, and to help the Government of Chile to mobilize resources from
the Clean Technology Fund.”
“This is an exciting and important project that will advance the field of
renewable energy in a country with solar power deployment that’s growing at an
impressive pace,” said Elizabeth Littlefield, OPIC’s President and CEO.
"SunEdison is a global partner of OPIC’s, and with the closing of this loan, we
are proud to continue supporting this global leader in clean energy while
helping Chile expands its own renewable power capacity.”
Rodrigo Oyarzo Brncic, Managing Director, Corporate Banking Division of
CorpBanca, stated “Welcome to Energy that allows grow up our country Chile.
Welcome SunEdison to our corporate banking customers, we appreciate the
confidence to be the first commercial bank in Chile in developing such PV
project as Senior Lender, VAT Facility provider, Hedge Provider, and
Administrative Agent Bank”.
About SunEdison:
SunEdison is a global leader in transforming how energy is generated,
distributed and owned. SunEdison manufactures solar technology and develops,
finances, installs and operates distributed solar power plants, delivering
predictably priced electricity and services to its residential, commercial,
government and utility customers. SunEdison also provides 24/7 asset
management, monitoring and reporting services for hundreds of solar systems
worldwide via the company’s Renewable Operation Center (ROC). SunEdison has
offices in North America, Europe, Latin America, Africa, India and Asia.
SunEdison's common stock is listed on the New York Stock Exchange under the
symbol "SUNE." To learn more visit www.sunedison.com.
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