SunEdison, a provider of solar energy solutions and services, has closed the first $150 million of a $300 million three-year project finance revolving credit facility arranged by Deutsche Bank Securities.
The fund will be utilized to support the development and acquisition of new projects in the United States and Canada.
The company expects the credit facility will be upsized in the near future with participation from additional banks.
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This credit facility marks the third successful iteration of construction revolvers that SunEdison has capitalized, and includes features designed to fuel the company’s growth, the company said.
SunEdison has utilized a cumulative $1.2 billion in funds from the prior revolving facility, representing 325 MW of financed projects.
Ryan Bennett, vice president of project finance, North America, SunEdison, said, “This facility continues our successful utilization of the prior revolvers and generates significant project capital needed for our ongoing growth, thereby enhancing our corporate balance sheet.”