SunEdison, the solar energy development unit of MEMC Electronic Materials Inc. (WFR), received a $35 million loan from the North American Development Bank to build a project at a U.S. Air Force base in Arizona.
The 16-megawatt solar farm at the Davis-Monthan base southeast of Tucson will consist of 57,000 panels supplied by MEMC and is expected to begin operating in the fourth quarter, the bank said in a statement today. The bank was formed under the auspices of the North American Free Trade Agreement to address environmental issues along the U.S.-Mexico border.
The base agreed to purchase the electricity for 25 years, and Tucson Electric Power Co. will buy associated renewable energy credits for 20 years to comply with an Arizona law that requires utilities to get 15 percent of their energy from renewable resources by 2025.
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