SunEdison secures $146 million in debt financing for three new solar power plants

By Lisa Kerner

Charlotte, N.C., Dec. 15 – SunEdison Inc. closed a $146 million non-recourse debt financing arrangement with the International Finance Corporation (IFC), the Central American Bank for Economic Integration (CABEI) and the OPEC Fund for International Development (OFID).

The IFC provided direct financing for about $86 million, including about $66 million senior debt and $20 million subordinated debt, according to a news release. This funding included roughly $20 million in concessional senior and subordinated debt from the Clean Technology Fund and $21 million senior debt from institutional investors under the managed co-lending portfolio program.

CABEI provided $45 million of financing, and OFID provided financing totaling $15 million.

Total senior debt is about $126 million.

Proceeds will be used to fund construction of three solar photovoltaic power plants totaling 81.7 MW in the Republic of Honduras.

The solar plants will provide energy to the national grid under 20-year power purchase agreements with ENEE, the state-owned electricity generation, transmission and distribution company.

SunEdison will operate and manage the solar projects under a long-term agreement.

The company 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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