SunEdison Enters U.K. Market With Deutsche Bank FinancingMarc Roca
SunEdison Inc., a U.S. solar developer and polysilicon supplier, got project financing from Deutsche Bank AG for its first photovoltaic plants in Britain.
The company will use the funds for four solar parks with a combined 56 megawatts being developed in Swindon, Wiltshire, North Devon and northern Essex, it said today in a statement, declining to give the amount raised. The facilities will be sold to Foresight Solar Fund Ltd. on completion by the end of March.
Installed capacity in the U.K. solar industry is up by more than half in the past year. SunEdison sees Britain as a “high-growth market” for solar and the company, said Jose Perez, head of Europe, the Middle East, Africa and Latin America.
SunEdison, based in St. Peters, Missouri, is one of the largest solar developers with more than $3 billion raised in project finance. The company plans to complete 900 megawatts to 1,150 megawatts of solar parks in 2014 and sell as much as 650 megawatts, it said yesterday in its fourth-quarter results.