SunEdison closes funding to install 26-MW solar park in California

Oct 23, 2014 - US solar power company SunEdison Inc (NYSE:SUNE) said today it had obtained construction financing for the 26-MW direct current (DC) Vega photovoltaic (PV) project in California.

SunEdison did not unveil the exact amount of the funding it had secured, but said it was underwritten by Deutsche Bank Securities Inc.

The Vega plant in Merced County will comprise about 78,700 SunEdison monocrystalline PV modules of 330 W each. It will be generating enough electricity to power more than 3,500 households per year.

SunEdison is managing the construction of the project and will be providing monitoring, field dispatch and reporting services once the plant is completed, supposedly by the first quarter of 2015. When this solar park is finalised, the company will have contributed more than 158 MW DC of utility-scale solar capacity to California in the last 15 months alone, said Ryan Bennett, vice-president of project finance.

Also on Thursday, SunEdison announced it had completed a 1.7-MW DC rooftop PV system in Hesperia, California. Southern California Edison Co (NYSEMKT:SCE-E) is buying the solar array’s output under a 20-year power purchase agreement (PPA).

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