SunEdison secures $130 million funding for solar power plant in Chile

By Lisa Kerner

Charlotte, N.C., Oct. 29 – SunEdison, Inc. announced the closing of a $130 million non-recourse debt financing arrangement with CorpBanca and BBVA to fund construction of Javiera, a 69.5 MW solar power plant located in Chile.

CorpBanca acted as underwriter and mandated lead arranger and participates as administrative and onshore collateral agent, according to a news release.

BBVA acted as mandated lead arranger.

Both CorpBanca and BBVA are also providing a local Chilean Peso VAT facility for the equivalent of $30 million.

According to SunEdison, this is the first time that solely commercial banks are participating in the senior debt facility for a solar project in Chile.

TerraForm Power, Inc., a Beltsville, Md.-based solar power plant owner/operator and an indirect subsidiary of SunEdison, plans to execute its call right on Javiera in 2015.

SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants. Its solar energy headquarters is located in Belmont, Calif.

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