SunEdison’s 53.5MW multi-site PV project wins over US$200 million funding from Wells Fargo

Financials

  • SUNE
    NYSE
    20.26
    -0.07 (-0.34%)
    4:01PM EDT

SunEdison’s 53.5MW multi-site solar PV project in New Mexico looks set for completion by the end of this year, and has been buoyed by the news that it has secured financing of over US$200 million from financier Wells Fargo. MEMC subsidiary company SunEdison has now activated three of the five power plants that together make up the 53.5MW total, and the remaining two plants are scheduled for completion before the year’s end.

The project developer held a site ceremony today in Carlsbad, New Mexico, attended by the city’s mayor and officials from SunEdison, Xcel Energy and Wells Fargo to announce the activation of the three plants. Electricity generated by the plants is being bought by Southwestern Public Service, a subsidiary of Xcel Energy. Upon completion, the New Mexico power plant will be among one of the largest in the US.

Wells Fargo has become more and more involved in investments in the renewables industry of late, and is said to have provided over US$2.2 billion in renewables-based financing for over 220 solar projects and 35 wind projects in 26 US states since 2006. This particular project marks Wells Fargo’s largest energy construction loan to date, and the company has also signed up to provide permanent equity financing for all five projects upon completion.

“Wells Fargo is committed to helping cleantech businesses and will continue to expand our support of projects and companies, such as SunEdison, that are leaders in building a clean energy economy,” said Puon Penn of Wells Fargo’s National Cleantech group.

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