SunEdison Inc., the solar developer and polysilicon supplier formerly known as MEMC Electronic Materials Inc., closed the first $150 million of a $300 million credit facility to buy and develop projects in the U.S. and Canada.
The three-year revolving credit line arranged by Deutsche Bank AG is available immediately, the St. Peters, Missouri-based company said today in a statement. The rest of the facility is expected “in the near term with additional bank syndicate participants,” SunEdison said. Terms weren’t disclosed.
The loan “generates significant project capital needed for our ongoing growth,” Ryan Bennett, SunEdison vice president of project finance for North America, said in the statement.
SunEdison has used $1.2 billion to finance 325 megawatts of projects, according to the statement.