SunEdison Gets $67.3 Million to Build Solar Farms in California

SunEdison Inc. (SUNE), the polysilicon supplier formerly known as MEMC Electronic Materials Inc., received $67.3 million from three private-equity firms to fund utility-scale solar projects in California.

The investment from New Energy Capital Corp., North Sky Capital LLC and EverStream Energy Capital Management LLC allows SunEdison to develop more than 150 megawatts of solar farms in central and Southern California, according to a statement today.

“Developers face significant funding gaps at certain stages of the development cycle and we are committed to bringing flexible and efficient capital to high quality assets,” P.J. Lee, managing partner of EverStream Energy, said in the statement.

SunEdison, based in St. Peters, Missouri, is the largest U.S. supplier of polysilicon wafers for semiconductors and solar cells after Hemlock Semiconductor Corp.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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