NADB grants $65 million loan to SunEdison

By Editor


NADB grants $65 million loan to SunEdison

Greentech Lead America: The North American Development
Bank (NADB) has granted $65 million loan to SunEdison, a solar energy services
provider, for constructing 20 MW AC solar park in Picture Rocks, Arizona.

The project is expected to generate sufficient
electricity to supply power to approximately 3,500 homes.

In December 2011, NADB and the Border Environment
Cooperation Commission (BECC) approved certification and financing for the
design, construction and operation of the photovoltaic solar energy plant.

“We are very pleased to sign this loan with
SunEdison, a company with a well-established presence in the solar energy
sector. NADB works to provide affordable long-term financing for projects in
the U.S.-Mexico border region that yield environmental and economic benefits
for the citizens of the region,” said Geronimo Gutierrez, managing director,

Tucson Electric Power, an Arizona corporation and principal
subsidiary of UNS Energy, will purchase the output of the plant through a
20-year purchase power agreement. TEP provides electric service to the Tucson
metropolitan area.

This project complies with the Arizona Corporation
Commission’s (ACC’s) Renewable Energy Standard, which requires regulated
electric utilities in Arizona to generate 15 percent of their energy from renewable
resources by 2025.

SunEdison will utilize MEMC crystalline silicon
photovoltaic modules mounted on a single-axis tracker system that automatically
tracks solar radiation. The solar park will occupy 200-250 acres of a 305-acre
lot owned by local utility Tucson Water, a department of the City of Tucson.

The project is estimated to displace over 35,000 metric
tons of carbon dioxide (CO2), 125 metric tons of nitrogen oxides (NOx) and 200
metric tons of sulfur dioxide (SO2) per year. The estimated aggregate
environmental impact over the next 20 years is equivalent to a total CO2
reduction of nearly 630,000 metric tons.

“SunEdison continues to develop projects with the
highest level of quality and structures financing with the type of predictable
returns that our project finance partners have come to trust. SunEdison is
proud of the work we are accomplishing together with NADB and we look forward
to exploring future opportunities together,” said Chris Bailey, VP of
Project Finance for SunEdison.

SunEdison completes 155 million euros debt finance for 60.4 MW
solar plant in Bulgaria

SunEdison recently completed euro 155 million
non-recourse debt financing with IFC, Overseas Private Investment Corporation
(OPIC) and UniCredit Group for SunEdison’s 60.4 MW solar power plant in
Bulgaria. SunEdison expects to complete the sale of the equity of this power
plant in 2012.

[email protected]

Latest News