SunEdison and NORD/LB Close On Financing for Bruining Solar Project in Ontario
TORONTO, July 31, 2014 /CNW/ -- SunEdison, a leading global solar technology
manufacturer and provider of solar energy services, today announced that it
has reached financial close with Norddeutsche Landesbank Girozentrale
(NORD/LB) for an 18 megawatt (MW) DC solar power plant in Ontario. The project
is set to start construction in July and be completed by the end of 2014, at
which time it will be sold to Firelight Infrastructure Partners. The facility
is expected to generate approximately 20 gigawatt hours of clean energy in the
first year, equivalent to the annual electricity consumption of over 1800
homes, all of which will be fed directly into the energy grid.
"The Bruining project demonstrates SunEdison's ability to develop solar
projects that bring both environmental and economic benefits to the citizens
of Ontario," said Michelle Chislett, Country Manager for SunEdison Canada. "By
continuing to work with established capital partners like NORD/LB on projects
like Bruining, we can help Ontario meet its clean energy goals."
Through the completion of the Bruining project under the Feed in Tariff
program, SunEdison is expanding clean generation capacity to provide Ontario
with more renewable energy, while simultaneously creating and sustaining
construction and manufacturing jobs in the local economy. This project builds
upon the growing portfolio of projects by SunEdison and NORD/LB in Ontario,
adding to a list that includes several completions in 2011 under the Renewable
Energy Standard Offer Program.
"Renewable energy is a mainstay of Nord/LB and we are proud to have been able
to support SunEdison again in Ontario," said Andrew Robinson, Global Head of
Structured Finance Originations at NORD/LB.
To complete the project, NORD/LB is providing a construction loan of
approximately $50.5 million CAD, and has committed to provide up to $63
million CAD of long term debt. White Canada Construction Inc. is responsible
for the construction of the project. All materials for the project including
solar panels, inverters and electrical equipment, will be assembled in
Ontario. Once operational, the solar power plant will be managed by the
SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset
management, monitoring and reporting services.
SunEdison is a global leader in transforming how energy is generated,
distributed and owned. SunEdison manufactures solar technology and develops,
finances, installs and operates distributed solar power plants, delivering
predictably priced electricity and services to its residential, commercial,
government and utility customers. SunEdison also provides 24/7 asset
management, monitoring and reporting services for hundreds of solar systems
worldwide via the company's Renewable Operation Center (ROC). SunEdison has
offices in North America, Europe, Latin America, Africa, India and Asia.
SunEdison's common stock is listed on the New York Stock Exchange under the
symbol "SUNE." To learn more visit www.sunedison.com.
With total assets of EUR 197 billion, NORD/LB Norddeutsche Landesbank is a
leading German business bank. Its core business segments include corporate
customers business, structured financing in the energy and infrastructure
sector, ship and aircraft financing, commercial real estate financing (via
Deutsche Hypothekenbank), capital market business and private and commercial
customers. The bank has headquarters in Hanover, Braunschweig and Magdeburg
and branches in Düsseldorf, Munich, Hamburg and Schwerin. With
Braunschweigische Landessparkasse it has an extensive presence with more than
100 branches. NORD/LB is represented outside of Germany by a subsidiary in
Luxembourg and branches in London, New York, Singapore and Shanghai.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking
statements, including that the project is set to start construction in July
and be completed by the end of 2014; the project will be sold to Firelight
Infrastructure Partners; the facility is expected to generate approximately 20
gigawatt hours of clean energy in the first year, equivalent to the annual
electricity consumption of over 1800 homes, all of which will be fed directly
into the energy grid; and while simultaneously creating and sustaining
construction and manufacturing jobs in the local economy. 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.
Press Contacts: Tory Carroll, SunEdison@grayling.com, +1 (619) 269-9518 or
Investors/Analysts: Chris Chaney, SunEdison, firstname.lastname@example.org, +1
NI: OIL UTI ENV LOAN MNA
-0- Jul/31/2014 11:00 GMT
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