(ADPnews) - Dec 21, 2010 - US solar energy firm SunEdison said today it had agreed with Dutch lender Rabobank International on a three-year revolving credit facility of USD 50 million (EUR 38m) to support construction of photovoltaic (PV) power plants in the US.
Other banks are expected to join the multi-project, non-recourse facility, expanding it significantly, the company said.
SunEdison will use the funds to build small and utility-scale solar systems at client locations, selling the energy to the host at discount prices. This strategy provides clean energy to the company's customers with no upfront costs.
SunEdison, a unit of US wafers maker MEMC Electronic Materials (NYSE:WFR), has developed nearly 250 MW of solar power plants globally.