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Major PV project developer SunEdison has secured from De Lage Landen Financial Services (DLL) an investment of US$52.5 million to be used in a sale-leaseback fund.
SunEdison, a subsidiary of MEMC, said that the new funding mechanism would be used to finance PV projects developed within the US for commercial and municipal customers, due to the competitive financing conditions offered by DLL, a subsidiary of Rabobank Group
This is accomplished via DLL offering project financing via a long term lease agreement with a SunEdison project subsidiary, which the company said “efficiently monetises the tax benefits and cash flows from customer power purchase agreements”.
MEMC highlighted in its Q3 2012 quarterly conference call that the main focus of its PV project business was on smaller utility and commercial-scale projects as these were often easier to gain funding as well as developing the project.
However, the project developer with partners also recently secured US$314 million in long-term debt and equity financing for two large-scale solar projects in Limpopo province, South Africa.