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.
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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.”
