SunEdison, a provider of solar energy services, has announced that it has secured an additional US$40 million for its project finance revolving credit facility, bringing the total capacity of the facility to US$150 million.
The additional funds are a result of a new partnership with TD Bank Group, which joins SunEdison’s existing lenders, Deutsche Bank and Portigon. Deutsche Bank acted as mandated lead arranger and sole bookrunner for the facility.
SunEdison uses the credit facility to support the construction costs of utility and distributed generation solar projects across the US and Ontario, Canada. The construction loans are non-recourse debt which means that they are secured only by a pledge of project collateral, including the project contracts and solar equipment. The new capital is available immediately.
As at the end of June, SunEdison had interconnected more than 628 solar energy systems representing more than 830MW of installed solar capacity. This deployed solar base is financed predominately through bank funding.
“SunEdison has a long standing relationship with TD Bank Group, and we are pleased to welcome them as a participant lender in our construction revolver,” commented Chris Bailey, vice president of North America Project Finance for SunEdison. “We are fortunate to count some of the world's leading banks as financial partners. This enhanced revolver provides an additional level of flexibility as we continue to execute on our North American pipeline of projects.”