SunEdison, the largest solar energy services provider in North America, has announced that US$20 million has been closed in February in project financing with Union Bank, N.A.
The funds allow initial financing for the 1.7MW ground mount installation in Rifle, Colorado, and for another system, location and capacity of which have not been disclosed. A previous round of financing saw Union Bank, N.A. finance SunEdison’s 8.2MW utility-scale photovoltaic solar energy system in Alamosa, Colorado.
The company’s advanced monitoring and services platform have allowed for solar assets to be performed at over 100% of the expected output in 2008, providing investors with stable, low-risk cash flows.