SunEdison has secured the largest financing deal to date, which will support the construction costs of utility and rooftop solar projects across the US and Canada.
The $300 million three-year finance loan was arranged by Deutsche Bank Securities and Rabobank.
SunEdison, a subsidiary of MEMC Electronic Materials (NYSE: WFR), has installed 330 MW of solar in the US and Canada in over 500 systems. Citi analyst Tim Arcuri estimates that the new financing could support an additional 200 MW of projects.
The size of the credit facility strongly suggests that despite recent negative analysis surrounding Solyndra, enthusiasm for the future of the industry remains high. In fact, financing for solar and other clean energy projects hit an all-time high in the third quarter of 2011, according to Bloomberg New Energy Finance.
Large financing deals aren’t new for SunEdison. In April, Wells Fargo announced it would invest $120 million in its solar PV projects, following a $200 million investment in 2007, which financed 150 projects in eight states.
In 2010, JPMorgan agreed to $60 million in project financing and Rabobank signed on for $50 million to deploy solar PV across the US.
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