SunEdison secures financing for 18-MW solar plant in Canada
Jul 30, 2014 - US solar power company SunEdison Inc (NYSE:SUNE) said today it has secured the needed financing for a 18-MW direct current (DC) solar farm in Canada’s Ontario province.
The company reached financial close for the Bruining photovoltaic (PV) project with Norddeutsche Landesbank Girozentrale (NORD/LB), one of the largest commercial banks in Germany. The latter is providing a construction loan of some CAD 50.5 million (USD 46.3m/EUR 34.6m) and CAD 63 million of long term debt.
White Canada Construction Inc is to start building the plant very soon and is expected to finish it by end-2014. Canadian sector investor Firelight Infrastructure Partners will buy the facility after completion. When hooked to the grid, the SunEdison Renewable Operation Center will provide asset management, monitoring and reporting services for the farm.
The Bruining solar park has an expected output of 20 GWh, enough to power about 1,800 local households during the first year of operation. It is participating in the province’s Feed in Tariff (FiT) programme.
SunEdison and NORD/LB have previously completed several other projects in Ontario in 2011 under the Renewable Energy Standard Offer Programme.