PV developer SunEdison has entered into a joint venture with US-based power firm Dominion for the 420MW Four Brothers solar project in Utah, developed by SunEdison.
The project, which is under construction and fully financed, is expected to be complete by mid-2016, and will power more than 90,000 homes.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The project involves a 20-year power purchase agreement with PacifiCorp, a subsidiary of Berkshire Hathaway Energy.
Dominion will invest around US$500 million in order to acquire 50% of the cash equity and 99% tax equity in the Four Brothers project, and to fund construction.
Meanwhile SunEdison will provide US$150 million through a four-year term loan with Deutsche Bank.
The plant generates around US$40 million of unlevered cash available for distribution (CAFD) to Dominion and SunEdison.
SunEdison’s 50% interest in Four Brothers is on the Call Right Projects List for Terraform Power, SunEdison’s yieldco.
Paul Gaynor, executive vice president of SunEdison EMEA and Americas said: “This partnership represents a major investment in the Utah economy and creates both local jobs and steady income for the state from property and other taxes.”
