SunEdison gets financing from BofA Merrill Lynch to complete 17.3-MW solar farm
(ADPnews) - Oct 13, 2010 - US solar electricity company SunEdison LLC, a unit of MEMC Electronic Materials (NYSE:WFR), said yesterday it had secured financing from Bank of America Merrill Lynch for the final two phases of its 17.3-MW North Carolina solar project.
The output from the solar power facility, located in Davidson County, will be sold to US utility Duke Energy Corp (NYSE:DUK) under a 20-year power purchase agreement.
When completed, the North Carolina facility will produce more than 510 million kWh of electricity over 20 years, which is enough to meet the needs of 48,000 households annually.
"Our financing of this project is a powerful example of Bank of America's 10-year, [USD-20-billion (EUR 14.4bn) ] business initiative focused on addressing climate change," said Todd Karas, President of Banc of America Public Capital Corp.