SunEdison to use loan for $80 million investment in solar project

By Wendy Van Sickle

Columbus, Ohio, Sept. 8 – SunEdison, Inc. expects to fully finance an $80 million capital investment in its joint venture in a Utah solar project with a loan from Deutsche Bank, according to a Tuesday press release.

The latest investment, an expansion of a joint venture with Dominion, is in the Three Cedars solar project, a 265 megawatt solar project developed by SunEdison.

Dominion will invest about $320 million to buy 50% of the cash equity and 99% of the tax equity in Three Cedars, including funding of construction. SunEdison plans to finance the $80 million balance of the capital for Three Cedars through the Deutsche Bank loan, according to the release.

The Three Cedars project is the second project in the joint venture between SunEdison and Dominion, the first being in the 420 megawatt Four Brothers solar project in Utah.

The Three Cedars project is expected to produce enough electricity to power more than 36,000 homes, according to SunEdison.

St. Peters, Mo.-based SunEdison is a renewable energy company that makes solar technology and develops solar power plants. Dominion is a Richmond, Va.-based producer and transporter of energy.

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