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SunEdison Using $50 Million Fund to Develop California Projects

SunEdison Inc., 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.

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