SunEdison And TerraForm Power Close Financing For A Portfolio Of 97 MW Of Solar Projects With The Capacity To Power 30,000 UK Homes Per Year
- Bayerische Landesbank provided £84.6 million financing for the construction of the projects
- EDF Energy entered into a 15-year power purchase agreement for the generated energy
- The 97 MW portfolio further strengthens SunEdison's position in the UK market, bringing the total interconnected capacity to more than 375 MW in just 12 months
LONDON, April 21, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, and TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, today announced that they have closed financing of a 97 megawatts DC portfolio of utility-scale photovoltaic solar projects in the UK that were connected during the first quarter of 2015. The portfolio is comprised of eight large-scale solar farms across England and Wales that will have the combined capacity to power nearly 30,000 homes per year. Individual project size varies from 6 to 19 MW.
Financing for the construction of the solar farms has been provided by Bayerische Landesbank, which provided a £84.6 million non-recourse loan. EDF Energy, the UK's largest producer of low-carbon electricity, will purchase the solar energy under a 15-year power purchase agreement (PPA) with SunEdison.
As announced on March 31, 2015, TerraForm Power has acquired plants with a capacity of 53 MW from this portfolio. It intends to acquire the remaining 44 MW, currently included on SunEdison's Call Right Project List for TerraForm Power, during the second quarter of 2015.
Jose Perez, SunEdison's President of EMEA and Latin America, said: "As we continue to provide clean energy to the UK market, this portfolio of projects marks a new milestone for us. Since entering the UK market, we have been able to connect over 375 MW in just 12 months. The total installed capacity of our projects in the UK powers the equivalent of more than 110,000 local homes per year. The UK will continue to be a key market for our growth strategy, and we look forward to helping the UK reach its renewable energy targets. We are proud to partner with world-class utility EDF Energy for the first time in the UK, and we hope to expand our collaboration in the future. The financing agreement for the construction of 97 MW of solar farms also demonstrates a continuing relationship with Bayern LB, with whom we've worked on a number of projects to support the need for low carbon power sources."
Carlos Domenech, President and Chief Executive Officer of TerraForm Power, said: "The financing and interconnection of this large portfolio and its addition to TerraForm Power's fleet demonstrates the value that our partnerships with SunEdison and world-class financial institutions like Bayern create. Through these ongoing relationships, we are able to diversify our operating portfolio in ways that allow us to generate robust returns for our shareholders."
"We are delighted to continue our successful cooperation with one of our most important clients, SunEdison," Alexander von Dobschutz, Bayerische Landesbank's Managing Director, Global Head Financial Institutions and Structured Finance stated: "In closing one of the largest solar portfolios in the UK we not only further establish our strong position in the UK renewables market but also support the growth strategy of our client SunEdison."
John Cockin, Director of B2B Business Services at EDF Energy, said: "We're pleased to have helped SunEdison secure its financing with a bankable PPA, and we're pleased that these projects qualify under the Renewable Obligation program thanks to the proper coordination and joint work to meet the deadline. We look forward to working with SunEdison on future solar energy projects in the UK."
SunEdison has built and connected more than 375 MW of solar power plants in the UK in just 12 months. In this period, the company has raised £287.3 million for project financing and has transferred 238 MW to the TerraForm Power operating portfolio.
About SunEdison
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." For more information, please visit www.sunedison.com
About TerraForm Power
TerraForm Power (Nasdaq: TERP) is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: www.terraform.com
About Bayerische Landesbank
Bayerische Landesbank is an experienced and committed lender to the renewable energy sector, having for many years provided financing solutions to renewable energy companies focused on solar, wind, solar thermal and geothermal technologies, throughout Europe and North America. For more information, please visit www.bayernlb.de
About EDF Energy
EDF Energy is one of the UK's largest energy companies and the largest producer of low-carbon electricity, producing around one-fifth of the nation's electricity from its nuclear power stations, wind farms, coal and gas power stations and combined heat and power plants. The company supplies gas and electricity to 6 million business and residential customer accounts and is the biggest supplier of electricity by volume in Great Britain. EDF Energy is part of EDF Group, one of Europe's largest power companies. The company employs around 15,000 people at locations across the UK. To find out more about the UK's energy challenges look at www.edfenergy.com/energyfuture/
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including: will have the combined capacity to power nearly 30,000 homes per year, TerraForm Power's intention to acquire certain assets from SunEdison's Call Right Project List during the second quarter of 2015, and typically can be identified by the use of words such as "expect," "estimate," "anticipate," "forecast," "intend," "project," "target," "plan," "believe" and similar terms and expressions. Forward-looking statements are based on current expectations and assumptions. Although SunEdison and TerraForm Power believes that their expectations and assumptions are reasonable, they can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, among others: the failure of counterparties to fulfill their obligations under offtake agreements; price fluctuations, termination provisions and buyout provisions in offtake agreements; and the other risks and uncertainties included in SunEdison's and TerraForm Power's filings with the Securities and Exchange Commission at www.sec.gov. SunEdison and TerraForm Power undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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