SunEdison has announced that is has closed a $160 million fund for distributed generation projects in the United States with Barclays and Citi.
The fund is lease pass through and represents a group of construction projects that consists of ground-mounted, rooftop and canopy photovoltaic systems with an average of 1.1 MW per project.
The fund’s financial structure is designed to allow efficiencies for the tax equity investor, which can be provided for 40 projects.
With the help of this investment structure, SunEdison can push the growth of its distributed generation portfolio for commercial and industrial customers an already leading segment with major market share.
This deal reflects the power of new financing structures and solar offerings with top partners and the commitment to enter into new structures that enable leadership in the U.S. distributed generation segment, said, Ryan Bennett, vice president, project finance, North America SunEdison.
Citi is committed to environmental sustainability and to financing clean renewable energy. Through this fund, an access to renewable energy to more businesses and municipal entities will be provided, said Marshal Salant, managing director, global head, alternative energy, Citi.
The participation in the fund highlights the position as a full-service provider to the alternative energy sector and, by advancing environmental sustainability, complements global Citizenship agenda, said, Rama Subramaniam, managing director, Barclays.