LONDON, Feb. 26, 2014 /PRNewswire/ -- SunEdison
(NYSE:SUNE), a leading solar technology manufacturer and provider
of solar energy service today announced the closing of a
non-recourse debt financing arrangement with Deutsche Bank. The
debt proceeds will be used to finance the construction of 56
megawatt (MW) portfolio of four utility-scale photovoltaic (PV)
solar projects in the United
Kingdom. The portfolio is expected to be fully operational
by the end of March 2014. This portfolio marks SunEdison's
entry into the rapidly growing UK solar market.
"We are delighted to be involved in this exciting project by
providing the financing to our client," said Michael Volkermann,
Co-Head of Infrastructure & Energy from Deutsche Bank. "This
transaction is evidence of Deutsche's expertise in supporting
companies in the renewable energy sector by providing extensive
advisory and financial services."
SunEdison also announced today that through a Share Purchase
Agreement (SPA), Foresight Solar Fund Limited (LSE:FSFL), a £150
million investment company listed on the London Stock Exchange and
managed by Foresight Group, will acquire the entire portfolio of
projects once interconnected. The projects, which are currently
under construction, are located in Swindon, Wiltshire, North
Devon and on the Essex/Suffolk
border. The Fund commitment to acquire these assets was confirmed
in the IPO Prospectus issued by Foresight Group in September 2013 and will be completed utilising
the Fund's IPO proceeds.
"We are entering the UK solar market with a project portfolio
while expanding our relationship with Deutsche Bank, this
demonstrates our ability to utilize existing relationships to enter
new markets and facilitate the expansion of our utility business
without impacting our balance sheet," said Jose Perez, SunEdison's President of EMEA and
Latin America. "We view the United
Kingdom as a high-growth market for solar and for our
company, we are looking forward to supporting economic growth for
the United Kingdom through solar
projects that create jobs and support the local economy while
delivering predictably priced energy."
The energy produced from the projects will be purchased from
SunEdison by SmartestEnergy, a market leading purchaser of
independently generated electricity in the UK, through a Power
Purchase Agreement (PPA). The PPA will provide SmartestEnergy
reliable, predictably priced energy for years to come, insulating
them from pricing volatility that is common in energy markets.
The United Kingdom has declared
its intention to deploy over 20 gigawatts (GW) of solar energy by
2020. Greg Barker, Minister of State
for Energy and Climate Change, was quoted during the Doing Solar
Business in the UK event held last June as saying,
"Great Britain is the most
exciting growth market for solar in Europe." Prime Minister David Cameron has pledged to run the "greenest
government ever" and to make the UK a "showcase for green
innovation and energy efficiency."
Perez further remarked, "We commend the leadership of the
United Kingdom for demonstrating
its commitment to build a world-class renewable energy industry
through a mix of programs such as the Renewables Obligation which
provides support for medium to large scale solar, a reformed Feed
in Tarrif System that helps small businesses and households save
using solar and a Renewables Roadmap that makes solar a Priority
Industry."
Once operational, the solar power plants will be managed by the
SunEdison Renewable Operation Center (ROC), which provides global
24/7 asset management, monitoring and reporting
services. Data collected from the ROC is used to
continuously improve the company's products, project designs and
service offerings.
About SunEdison
SunEdison is a global leader in semiconductor and solar
technology. SunEdison's semiconductor business has been a pioneer
in the design and development of silicon wafer technologies for
over 50 years. With R&D and manufacturing facilities in the
U.S., Europe and Asia, SunEdison enables the next generation of
high performance semiconductor devices. SunEdison's solar business
develops, finances, installs and operates distributed power plants,
delivering predictably priced solar energy and services for its
commercial, government and utility customers. SunEdison's common
stock is listed on the New York Stock Exchange under the symbol
"SUNE." To learn more visit www.sunedison.com.
About Foresight Group
Foresight Group was established in 1984 and today is a leading
independent infrastructure and private equity investment manager
with over £1 billion of assets under management. As one of the UK's
leading solar infrastructure investment teams Foresight funds
currently manage over £650 million in 23 separate operating
Photovoltaic ("PV") plants in the UK, the USA, Italy
and Spain.
In May 2013 Foresight executed an
innovative refinancing of its existing UK solar assets through the
issue of a £60m London Stock Exchange listed index-linked Solar
Bond.
Foresight Group has offices in the UK, the USA and Italy.
www.foresightgroup.eu
About Foresight Solar Fund Limited ("The Company" or "FSFL")
FSFL is a Jersey-registered closed-end investment company. The
Company will invest in a portfolio of operating UK ground based
solar power assets to achieve its objective of providing
Shareholders with a sustainable and increasing dividend with the
potential for capital growth over the long-term.
The Company raised proceeds of £150m through an initial public
offering ("IPO") of shares on the main market of the London Stock
Exchange in October 2013.
About Smartest Energy
SmartestEnergy is the UK's leading purchaser of independently
generated electricity and a provider of Power Purchase Agreements
and Feed-in Tariffs. Our portfolio covers more than 650 sites - 31%
of the UK's independent embedded renewable capacity – encompassing
commercial-scale projects in a wide range of renewable and
non-renewable forms of generation. We work with many new
generators, from less than 100kW to 90MW, providing independent
advice on projects from concept to connection.
Forward-Looking Statements
Certain matters discussed in this press release are
forward-looking statements, including that plants will be
operational by the end of March 2014. Such statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Potential risks and uncertainties include delays or
interruptions in construction of power plants; the timely
availability of required permits and authorizations for projects
from governmental entities and third parties; changes in applicable
regulatory requirements and incentives for production of solar
power; and other risks described in the company's filings with the
Securities and Exchange Commission. These forward-looking
statements represent the company's judgment as of the date of this
press release. The company disclaims, however, any intent or
obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.