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.
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.