SunEdison Using $50 Million Fund to Develop California Projects

SunEdison Inc. (SUNE), the solar developer and polysilicon supplier formerly known as MEMC Electronic Materials Inc., will use $50 million to build 13.4 megawatts of photovoltaic projects for California prisons and hospitals.

The fund is a combination of debt from National Bank of Arizona and tax-equity financing from Nationwide Mutual Insurance Co., said Natacha Kiler, a spokeswoman for Sol Systems LLC, which advised Nationwide on the collaboration.

This is the second time Nationwide has helped finance a solar project with tax equity, she said. She declined to say how much of the $50 million was debt versus equity.

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

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Jasmina Kelemen, Tina Davis

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.