Daily News: April 9, 2014

SunEdison Secures $150MM Facility With Deutsche Bank

SunEdison, a leading provider of solar energy solutions and services, has closed the first $150 million of a $300 million three-year project finance revolving credit facility arranged by Deutsche Bank Securities to support the development and acquisition of new projects in the U.S. and Canada.

The facility marks the third successful iteration of construction revolvers that SunEdison has capitalized, and includes features designed to fuel the company’s growth. SunEdison has utilized a cumulative $1.2 billion in funds from the prior revolving facility, representing 325 MW of financed projects.

“We’re pleased to strengthen our relationship with Deutsche Bank,” said Ryan Bennett, vice president of project finance, North America, SunEdison. “This facility continues our successful utilization of the prior revolvers and generates significant project capital needed for our ongoing growth, thereby enhancing our corporate balance sheet. Deutsche Bank has been a terrific partner for us and we look forward to putting this facility to work as we expand throughout Canada and the U.S.”

The credit facility is immediately available; upsizing will occur in the near term with additional bank syndicate participants.