There are lots of dollars floating around in solar energy development right now. That particular pot of cash is about to get a whole lot bigger, thanks to SunEdison and its financial partner/private equity firm First Reserve. The two are planning to pour up to $1.5 billion into future SunEdison solar projects.
SunEdison said recently a combination of initial equity commitment, contemplated additional debt financing and future raised equity generated between it and First Reserve will provide the capital for current and future solar energy projects. SunEdison is currently one of the world’s largest solar project developers, with more than 350 solar electric power plants constructed and under management.
The monies being pooled for expansion will be put towards projects in the United States, Italy, Spain and Canada. Power generated from these new developments “will be sold pursuant to long-term power purchase agreements or feed-in tariff arrangements.”
“The industry needs efficient and scalable financing models to meet demand,” said Carlos Domenech, President of SunEdison, in a statement. “We expect the joint venture to help facilitate the development of our existing backlog of project opportunities and prospective projects that meet our development criteria.”
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