BELMONT, California, Sept. 30, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, today announced the closing of a $50 million debt financing arrangement with the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC). The debt proceeds will be used to finance the construction of a SunEdison owned 23.8 megawatt (MW) DC solar power plant in the Ma'an Governate, in Southern Jordan. Construction will begin in Q4 2014 and interconnection is expected to take place in Q3 of 2015.
The solar photovoltaic (PV) plant will sell electricity to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA). The power plant will connect to the grid via a substation that will be built by NEPCO.
Jose Perez, President of SunEdison for Europe, Middle East, Africa and Latin America, stated: "This project is a new proof point of SunEdison's capacity to develop innovative energy solutions matching government requirements in record time. Our wide expertise together with the partnership with world-class partners, such as OPIC and EBRD, have been crucial for this achievement."
Al Dahya, General Manager of SunEdison for MENA and Turkey, said: "This project will be critical for Jordan to increase its renewable energy capacity and to reduce its reliance on costly hydrocarbon imports. Photovoltaic energy has the potential to be an important part of the future diversified energy mix in the Middle East, reducing energy costs and contributing to the growing energy demand. This project represents just the beginning of SunEdison's long-term commitment to the development of the clean energy in the region."
Nandita Parshad, EBRD Director for Power and Energy, said: "We are delighted to finance the EBRD's first renewable project in Jordan and the Southern and Eastern Mediterranean. This is a region with a rapidly growing demand for power but also with a large potential for the development of renewables. Jordan in particular is a country where solar energy can make a clean and reliable contribution to meeting rising demand and reducing dependence on expensive hydrocarbons. We are very pleased to cooperate again with OPIC in Jordan and excited to be working for the first time with SunEdison, who have brought their world-class skills and experience to this groundbreaking project."
The project will cover an area of approximately 50 hectares and will feature SunEdison 330 monocrystalline modules and the AP90 Single Axis tracker. On an annual basis, the system is expected to generate approximately 57,000 megawatt hours (MWH) of electricity, saving the emission of 35,000 tons of carbon dioxide (CO2).
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." For more information, please visit www.sunedison.com
The EBRD is investing in changing people's lives and environments in more than 30 countries that stretch from Central Asia to the southern Mediterranean. Working together with the private sector, we invest in projects, engage in policy dialogue and provide technical advice that fosters innovation and builds sustainable and open-market economies.
The EBRD is owned by 64 countries and two intergovernmental institutions: the European Union and the European Investment. To date the Bank has invested over €90 billion in 4,065 projects signed since 1991.
OPIC is the U.S. Government's development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs. For more information about OPIC please visit www.opic.gov
Certain matters discussed in this press release are forward-looking statements, including that construction will begin in Q4 2014 and interconnection is expected to take place Q3 of 2015; the solar photovoltaic (PV) plant will sell electricity to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA); the project will cover an area of approximately 50 hectares and will feature SunEdison 330 monocrystalline modules and the AP90 Single Axis tracker; and on an annual basis, the system is expected to generate approximately 57,000 megawatt hours (MWH) of electricity, saving the emission of 35.000 tons of CO2. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include delays or interruptions in construction of power plants; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.