SunEdison and Deutsche Bank Complete Project Portfolio for 56 MW of
Utility-Scale Solar Projects in United Kingdom
Foresight Solar Fund to Acquire Projects Once Interconnected
LONDON, Feb. 26, 2014
LONDON, Feb. 26, 2014 /PRNewswire/ --SunEdison (NYSE:SUNE), a leading solar
technology manufacturer and provider of solar energy service today announced
the closing of a non-recourse debt financing arrangement with Deutsche Bank.
The debt proceeds will be used to finance the construction of 56 megawatt (MW)
portfolio of four utility-scale photovoltaic (PV) solar projects in the United
Kingdom. The portfolio is expected to be fully operational by the end of March
2014. This portfolio marks SunEdison's entry into the rapidly growing UK
"We are delighted to be involved in this exciting project by providing the
financing to our client," said Michael Volkermann, Co-Head of Infrastructure &
Energy from Deutsche Bank. "This transaction is evidence of Deutsche's
expertise in supporting companies in the renewable energy sector by providing
extensive advisory and financial services."
SunEdison also announced today that through a Share Purchase Agreement (SPA),
Foresight Solar Fund Limited (LSE:FSFL), a £150 million investment company
listed on the London Stock Exchange and managed by Foresight Group, will
acquire the entire portfolio of projects once interconnected. The projects,
which are currently under construction, are located in Swindon, Wiltshire,
North Devon and on the Essex/Suffolk border. The Fund commitment to acquire
these assets was confirmed in the IPO Prospectus issued by Foresight Group in
September 2013 and will be completed utilising the Fund's IPO proceeds.
"We are entering the UK solar market with a project portfolio while expanding
our relationship with Deutsche Bank, this demonstrates our ability to utilize
existing relationships to enter new markets and facilitate the expansion of
our utility business without impacting our balance sheet," said Jose Perez,
SunEdison's President of EMEA and Latin America. "We view the United Kingdom
as a high-growth market for solar and for our company, we are looking forward
to supporting economic growth for the United Kingdom through solar projects
that create jobs and support the local economy while delivering predictably
The energy produced from the projects will be purchased from SunEdison by
SmartestEnergy, a market leading purchaser of independently generated
electricity in the UK, through a Power Purchase Agreement (PPA). The PPA will
provide SmartestEnergy reliable, predictably priced energy for years to come,
insulating them from pricing volatility that is common in energy markets.
The United Kingdom has declared its intention to deploy over 20 gigawatts (GW)
of solar energy by 2020. Greg Barker, Minister of State for Energy and Climate
Change, was quoted during the Doing Solar Business in the UK event held last
June as saying, "Great Britain is the most exciting growth market for solar in
Europe." Prime Minister David Cameron has pledged to run the "greenest
government ever" and to make the UK a "showcase for green innovation and
Perez further remarked, "We commend the leadership of the United Kingdom for
demonstrating its commitment to build a world-class renewable energy industry
through a mix of programs such as the Renewables Obligation which provides
support for medium to large scale solar, a reformed Feed in Tarrif System that
helps small businesses and households save using solar and a Renewables
Roadmap that makes solar a Priority Industry."
Once operational, the solar power plants will be managed by the SunEdison
Renewable Operation Center (ROC), which provides global 24/7 asset management,
monitoring and reporting services. Data collected from the ROC is used to
continuously improve the company's products, project designs and service
SunEdison is a global leader in semiconductor and solar technology.
SunEdison's semiconductor business has been a pioneer in the design and
development of silicon wafer technologies for over 50 years. With R&D and
manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the
next generation of high performance semiconductor devices. SunEdison's solar
business develops, finances, installs and operates distributed power plants,
delivering predictably priced solar energy and services for its commercial,
government and utility customers. SunEdison's common stock is listed on the
New York Stock Exchange under the symbol "SUNE." To learn more visit
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent
infrastructure and private equity investment manager with over £1 billion of
assets under management. As one of the UK's leading solar infrastructure
investment teams Foresight funds currently manage over £650 million in 23
separate operating Photovoltaic ("PV") plants in the UK, the USA, Italy and
In May 2013 Foresight executed an innovative refinancing of its existing UK
solar assets through the issue of a £60m London Stock Exchange listed
index-linked Solar Bond.
Foresight Group has offices in the UK, the USA and Italy.
About Foresight Solar Fund Limited ("The Company" or "FSFL")
FSFL is a Jersey-registered closed-end investment company. The Company will
invest in a portfolio of operating UK ground based solar power assets to
achieve its objective of providing Shareholders with a sustainable and
increasing dividend with the potential for capital growth over the long-term.
The Company raised proceeds of £150m through an initial public offering
("IPO") of shares on the main market of the London Stock Exchange in October
About Smartest Energy
SmartestEnergy is the UK's leading purchaser of independently generated
electricity and a provider of Power Purchase Agreements and Feed-in Tariffs.
Our portfolio covers more than 650 sites - 31% of the UK's independent
embedded renewable capacity – encompassing commercial-scale projects in a wide
range of renewable and non-renewable forms of generation. We work with many
new generators, from less than 100kW to 90MW, providing independent advice on
projects from concept to connection.
Certain matters discussed in this press release are forward-looking
statements, including that plants will be operational by the end of March
2014. Such statements involve certain risks and uncertainties that could
cause actual results to differ materially from those in the forward-looking
statements. Potential risks and uncertainties include delays or interruptions
in construction of power plants; the timely availability of required permits
and authorizations for projects from governmental entities and third parties;
changes in applicable regulatory requirements and incentives for production of
solar power; and other risks described in the company's filings with the
Securities and Exchange Commission. These forward-looking statements represent
the company's judgment as of the date of this press release. The company
disclaims, however, any intent or obligation to update these forward-looking
SOURCE SunEdison, Inc.
Contact: Virginia Amador, SunEdison Europe, email@example.com, +34 915 242
670, or Dawn Brister, SunEdison U.S.A., firstname.lastname@example.org, +1
650-453-5685; Investors/Analysts: Chris Chaney, SunEdison, (636) 474-5226,
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