SunEdison, TerraForm secure $177 million lease pass-through funding from Barclays, Citi

By Lisa Kerner

Charlotte, N.C., Dec. 16 – SunEdison, Inc. announced it closed a $117 million lease pass-through fund with Barclays and Citi to be used for SunEdison’s U.S. distributed generation projects with TerraForm Power, Inc.

The financing brings the total value of funds closed this year with Barclays and Citi for SunEdison and TerraForm Power's distributed generation projects to $290 million.

Specifically, the latest funding will finance a portfolio of distributed generation projects in 12 states.

The projects are expected to become operational in the fourth quarter of 2014 through the first half of 2015 and then will be sold to TerraForm, according to a company news release.

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

TerraForm Power is a clean power company based in Beltsville, Md.

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