Solar technology manufacturer SunEdison has announced that it has raised US$117 million for its second fund for generation projects in the US with Barclays and Citi.
Coupled with a fund established earlier this year by Barclays and Citi that was geared towards SunEdison and TerraForm projects, over US$290 million has now been raised in 2014.
The fund will be used to help finance generation projects in 12 states in the US, which are expected to become operational between the fourth quarter of 2014 and the first half of 2015.
Ryan Bennett, vice president of project finance, North America, at SunEdison, said: “Barclays and Citi have been great partners, working with SunEdison to bring distributed solar to new markets and customers. The creation of this second fund, so soon after the first, speaks to the success of our relationship with Barclays and Citi.”
Carlos Domenech, president and chief executive officer of TerraForm Power, said: “The new fund with Barclays and Citi allows TerraForm Power to acquire a portfolio of highly attractive operational projects that are in geographically diverse locations. With this partnership, TerraForm Power continues to grow rapidly, building strong momentum in the marketplace and delivering value to its shareholders.”