SunEdison, one of North America’s largest solar energy services providers, has closed $20 million in project financing with Union Bank, N.A., despite the difficult credit situation facing the renewable energy industry.
The funds provide initial financing on two projects, including a 1.7-megawatts (MW) ground mount installation hosted by the City of Rifle, Colorado. The photovoltaic solar energy systems were built with no upfront costs to the host organizations. SunEdison financed, built and operates systems under long-term solar power services agreements.
“Despite a contraction in the U.S. tax equity market, SunEdison’s leading investor relationships have allowed us to develop financing innovations that bring immediate tangible value for our current and new investment partners. These improved structures also allow us to more efficiently scale our U.S. tax equity financing and serve a larger group of customers,” noted Carlos Domenech, COO and CFO of SunEdison.
Union Bank, N.A. also financed SunEdison’s 8.2-MW utility-scale photovoltaic solar energy system in Alamosa, Colorado.
SunEdison also announced its portfolio of solar assets performed at over 100% of expected output in 2008.
Equity investors in SunEdison include Goldman Sachs (NYSE: GS), MissionPoint Capital Partners, and Allco Finance Group (RGL.BE).
A recent Reuters analysis suggested that solar installers, like SunEdison, will be in a strong position following the consolidation of the production sector of the solar industry that is currently underway.
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