SunEdison Closes CA$115 Million In Financing To Build 33 MW Of Utility Solar
Projects In Ontario, Canada
Projects to Support Local Construction and Manufacturing Jobs
BELMONT, Calif. and TORONTO, April 23, 2014 /CNW/ - SunEdison (NYSE:SUNE), a
leading solar technology manufacturer and provider of solar energy services,
announced today that it has closed on financing for two solar power plants to
be built in Ontario, Canada. Deutsche Bank Securities Inc. is providing
construction financing. The plants will provide employment for skilled
manufacturing and construction workers in Ontario.
SunEdison will manage the construction of the two plants, which are both
planned to be operational by the end of 2014. The solar power plants will be
composed of over 100,000 SunEdison Silvantis™ Photovoltaic Solar Modules,
which will be manufactured in the province of Ontario. Silvantis Modules are
built using SunEdison polysilicon and wafers to ensure maximum reliability and
performance. Once operational, the plants will be managed by the SunEdison
Renewable Operation Center (ROC), which provides global 24/7 asset management,
monitoring, field dispatch and reporting services.
"The Green Energy Act continues to benefit Ontarians by creating jobs and
increasing renewable energy in Ontario," said Michael Dilworth, vice president
and country manager for SunEdison Canada. "We have over 130 MW DC [megawatts
direct current] of solar energy operating in Ontario today, and are pleased to
add these two new utility-scale projects to our portfolio as part of the
continued growth of our Canada business."
To date, SunEdison has raised over $6 billion in capital to fund renewable
energy project development globally. The company relies on its financial
expertise as a key element of its ongoing efforts to further reduce the cost
of building solar power plants. SunEdison's relationship with Deutsche Bank is
a key element of this effort.
"Deutsche Bank is one of the world's top financial institutions and we are
privileged to have an ongoing relationship with them," said Ryan Bennett, vice
president of project finance, North America, SunEdison. "This relationship
helps us deliver maximum value to our shareholders by helping us keep capital
costs low and facilitating our growth while preserving our balance sheet."
According to the U.S. Environmental Protection Agency Greenhouse Gas
Equivalencies Calculator, the two plants will offset the CO(2) emissions of
over 15.5 million pounds of coal annually. Together they will supply enough
clean energy to power 1,300 homes each year.
About SunEdison 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 www.sunedison.com.
Forward Looking Statements Certain matters discussed in this press release are
forward-looking statements, including that the two solar power plants will be
operational during 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
changes in applicable regulatory requirements and incentives for production of
solar power; and general business and economic conditions, including
seasonality of the industry, and other risks described in SunEdison's filings
with the United States Securities and Exchange Commission. These
forward-looking statements represent SunEdison's judgment as of the date of
this press release. SunEdison disclaims, however, any intent or obligation to
update these forward-looking statements.
SOURCE SunEdison, Inc.
Dawn Brister, SunEdison U.S.A., firstname.lastname@example.org, +1 650-453-5685; Mark
Sutherland, Elasticity for SunEdison, email@example.com, +1 314-913-0674;
Investors/Analysts: Chris Chaney, SunEdison, firstname.lastname@example.org, +1
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