SunEdison and Rabobank have entered into a construction revolver where Rabobank will provide US$50 million in financing over the next three years for SunEdison to be able to build solar PV plants throughout the U.S. The revolver will see SunEdison finance the construction of the solar plants at client hosted locations. Once the solar project is completed, the host of the location will buy the energy produced at prices below or at retail rates.
“We are pleased to provide financing that enhances SunEdison's ability to execute on its significant pipeline of solar projects,” said Ron Klein, a managing director with Rabobank's Renewable Energy Group. “This type of innovative, multi-project, non-recourse facility is possible because of SunEdison's successful track record and expertise. Additionally, it illustrates the maturity of the renewable's industry and specifically the solar sector.”
Although the revolver is set for US$50 million, SunEdison foresees the amount to expand in the future as more lenders are added. Solar projects will vary between small commercial to utility scale installations.