SunEdison Inc., the best-performing solar company this year, is getting $160 million from Citigroup Inc. and Barclays Plc to build distributed-generation projects in the U.S.
The tax-equity financing will be used for 40 projects that average 1.1 megawatts in capacity, St. Peters, Missouri-based SunEdison said today in a statement. Equity partnerships reduce costs for developers as renewable-energy investors benefit from a 30 percent federal investment tax credit.
“Through this fund we can provide access to renewable energy to more businesses and municipal entities,” Marshal Salant, head of alternative-energy finance at Citigroup, said in the statement.
The financing will be used for rooftop, ground-mounted and canopy solar projects. SunEdison said on Aug. 7 that its pipeline of power plants had increased by almost 20 percent to 4.3 gigawatts.