SunEdison, a worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials, announced that it completed a $40 million expansion of its project finance revolving credit facility, bringing the total capacity of the facility to $150 million.
SunEdison said the expansion is the result of adding a new lender, TD Bank Group, which joins existing partners, Deutsche Bank and Portigon.
Deutsche Bank acted as mandated lead arranger and sole bookrunner for the facility. The credit facility is used to support the construction costs of utility and distributed generation solar projects throughout the U.S. and Ontario. The construction loans are non-recourse debt, which means they are secured only by a pledge of project collateral, including the project contracts and solar equipment. The new capital is immediately available.
As of June 30 2012, SunEdison had interconnected more than 628 solar energy systems representing more than 830 megawatts of installed solar capacity. This deployed solar base, financed predominately through bank funding, makes SunEdison one of world’s leading providers of solar energy services.