US-based solar energy company SunEdison is raising funds to expand operations through two senior convertible bonds expected to fetch $900 million.
The company has stated that it will be using the funds to develop new projects or to acquire established projects from other developers.
The bonds for $375 million each will be issued with the option for initial purchasers to purchase an additional $75 million bonds each within 30 days.
According to a statement issued recently, one of the convertible bonds being offered at 2.625 percent interest will be convertible in 2023. The other bond at 3.375 percent interest will be convertible in 2025.
SunEdison will “close the offering on May 20, subject to customary closing conditions”, the statement reads.
Recently, SunEdison secured projects in South Africa and Brazil through competitive bidding at auctions organized by the respective countries.
In Brazil, the company collaborated with Renova Energia to develop 1 GW of solar power projects.
And in South Africa, it secured a 75-megawatt solar power plant project last month in the fourth round auction under the Renewable Energy Independent Power Producers Procurement Program (REIPPPP), organized by the ministry for energy of that country.
SunEdison already has 130 megawatts of commissioned projects in South Africa. It has been participating in the REIPPPP auctions since 2011.
Ajith Kumar S