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SunEdison Seeks IFC Funding for Solar Plant in Chile

May 20 (Bloomberg) -- MEMC Electronic Materials Inc.’s SunEdison LLC unit is seeking funding from the World Bank’s private-sector financing arm to build a 50-megawatt solar plant in Chile that plans to sell power at commercial rates.

The International Finance Corp.’s board plans to take a decision on June 18, according to an investment proposal on the IFC’s website. The IFC didn’t disclose how much it may invest in the project. SunEdison said in March that the project would cost $120.5 million.

The plant expects to sell power at prevailing spot-market electricity prices, according to the proposal. It will be built in Copiapo in Chile’s Atacama region using crystalline panels from MEMC.

Solar plants normally get paid above-market rates in places including Europe and Japan because solar power is more expensive to generate compared to traditional fossil fuel-based grid electricity.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

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

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