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SunEdison Gets $176 Million for South Africa Solar Plant

SunEdison Inc., the solar-plant developer and polysilicon supplier formerly known as MEMC Electronic Materials Inc., received 1.8 billion rand ($176 million) in financing for a project in South Africa.

The Overseas Private Investment Corp., the U.S. government’s development finance institution, provided the loan to cover 75 percent of the cost of the 2.4 billion rand project, St. Peters, Missouri-based SunEdison said today in a statement. The company will own 51 percent of the project, with unnamed South Africa companies owning the remaining 49 percent.

The 60 megawatt Boshof Solar Park Project, located in the Free State province near Kimberley, will sell power to state utility Eskom Holdings SOC Ltd. under a 20-year contract once operational in the fourth quarter of 2014.

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