SunEdison Arranges $130 Million Loan for Solar Project in ChileJustin Doom
SunEdison Inc., the best-performing solar company this year, arranged a $130 million loan to develop a power plant in Chile.
Corpbanca SA and Banco Bilbao Vizcaya Argentaria SA are providing non-recourse debt for the 69.5-megawatt Javiera solar farm, St. Peters, Missouri-based SunEdison said today in a statement. The lenders also will provide a local Chilean peso VAT facility worth $30 million.
SunEdison’s TerraForm Power Inc. unit plans to acquire the power plant when it’s connected to the grid in the first quarter of next year. Minera Los Pelambres, a unit of Antofagasta Minerals SA, has agreed to buy electricity from the solar farm under a 20-year contract.
SunEdison has gained about 45 percent this year, leading the 21-member Bloomberg Intelligence Global Large Solar index.