SunEdison, IFC and OPIC Close $212.5M Project Financing arrangement for a 100 MWp Solar Power Plant in Chile
September 10, 2013
(OPIC)
BELMONT, Calif. — SunEdison, Inc. (NYSE:SUNE),
a leading worldwide solar energy services
provider today announced the closing of a
$212.5 million non-recourse debt financing
arrangement with IFC, a member of the World
Bank Group and the Overseas Private Investment
Corporation (OPIC), the U.S. Government’s
development finance institution. The debt
proceeds will be used to finance the
construction of a SunEdison owned 100MWp solar
power plant in the Atacama Desert, Chile.
SunEdison expects to complete construction of
this power plant in Q1 of 2014.
IFC provided $65 million of debt, while OPIC
provided a $147.5 million parallel loan.
Rabobank provided a local Chilean Peso VAT
facility worth $45 million. The total value of
the debt for this transaction is approximately
$260.5 million.
The construction of the 100 MWp plant began in
August 2013 and its interconnection is expected
to take place in different phases throughout
the fourth quarter of 2013 and first quarter of
2014. The power plant “Amanecer Solar CAP” is
expected to be the largest solar photovoltaic
power plant in Latin America and will inject
energy directly to the Central Interconnected
System (SIC). The project is originated from an
agreement signed in January 2013 with the
mining and steel company CAP.
Pancho Perez, President of SunEdison for
Europe, Middle East, Africa and Latin America,
stated “We are very pleased to partner once
more with OPIC and IFC. “Amanecer Solar CAP” is
a landmark project that enables the deployment
of solar energy in Chile in a meaningful way.
Developing sophisticated energy solutions while
reducing electricity costs has been a key
differentiator of SunEdison’s success in
Chile.”
Furthermore, he added “Photovoltaic solar
energy is an ideal source to diversify the
current energy mix, reduce energy costs, and
contribute to the growing energy demand in a
country that has extraordinary conditions for
the development of this type of energy. This
project is just the first step of SunEdison’s
long term commitment to the development of the
green energy in Chile.”
“As one of OPIC’s first renewable energy
transactions in Chile, this project will take
advantage of the country’s solar potential to
increase energy access and create local jobs,”
said Elizabeth Littlefield, OPIC President and
CEO. “We look forward to continuing the strong
partnership with SunEdison as it supports
Chile’s effort to diversify its energy
sources,”
"IFC’s support to Chile’s renewable energy
sector through this landmark solar project with
SunEdison is a continuation of our previous
wind and hydropower investments in the
country,” said Bernard Sheahan, IFC Director
for Infrastructure and Natural Resource. “We
hope that this project will catalyze the growth
of Latin America’s solar sector and further the
Government of Chile’s efforts to better develop
the country’s remarkable renewable energy
resources.”
“We are pleased to extend our support for our
client SunEdison, with whom we have partnered
on many projects in the U.S., and look forward
to continuing our cooperation,“ said Ron Klein,
Managing Director for Rabobank Project Finance.
“Amanecer Solar CAP is an exciting project and
we are enthusiastic about the prospects for
renewable energy in Chile, where Rabobank has a
well-established banking business.”
Located in the town near the city of Copiapo,
Atacama Region, the project covers an area of
approximately 215 hectares and will feature
more than 300,000 SunEdison Silvantis™
photovoltaic solar modules mounted on SunEdison
AP90 single-axis solar trackers. Once fully
completed, it is expected to be the largest
solar photovoltaic plant in Latin America. In
its first year of operation, the system is
expected to generate 2,700 kWh per year of
clean energy, avoiding the emission of over
135,000 tons of CO2, equivalent to removing
more than 30,000 cars from the streets.
About SunEdison
SunEdison, Inc. (NYSE:SUNE), formerly MEMC
Electronic Materials, Inc., is a global leader
in semiconductor and solar technology, and a
leading solar energy services provider
dedicated to transforming lives through
innovation. SunEdison provides innovative,
advanced technology solutions to corporations,
utilities, governments and leading chip
manufacturers to transform lives around the
world. With R&D and manufacturing
facilities in the U.S., Europe and Asia, the
company focuses on innovation throughout our
business. We carry this commitment throughout
our global sales, manufacturing, and support
organizations.
As of June 30, 2013, SunEdison has
interconnected over 700 power plants
representing more than 1 Gigawatt of solar
energy. For more information about SunEdison,
please visit www.sunedison.com.
About IFC
IFC, a member of the World Bank Group, is the
largest global development institution focused
exclusively on the private sector. Working with
private enterprises in more than 100 countries,
we use our capital, expertise, and influence to
help eliminate extreme poverty and promote
shared prosperity. In FY13, our investments
climbed to an all-time high of nearly $25
billion, leveraging the power of the private
sector to create jobs and tackle the world’s
most pressing development challenges. For more
information, visit www.ifc.org
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.