NEW YORK, March 17, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, announced today that two projects developed and financed by SunEdison and owned by TerraForm Power have been honored by IJGlobal (Infrastructure Journal and Project Finance Magazine) at their Americas Awards ceremony, which recognizes innovation in financing and infrastructure over the past year. The Regulus project, located in Kern County, California, was named "North American Renewables Deal of the Year". The Javiera Solar project, located in the Atacama region of Chile, was named "Latin American Solar Deal of the Year". SunEdison received the awards in recognition of their innovations in project finance as well as their ability to attract commercial investment to such high value projects.
Regulus, an 81.6 megawatt DC facility, is one of SunEdison and TerraForm's largest utility scale solar power plants in California. Construction was funded with construction debt provided by Deutsche Bank Securities. Wilmington Trust acted as the administrative agent. The permanent debt was provided by Prudential Capital Group and Santander Bank N.A., and the tax equity provided by Google Inc. TerraForm Power (NASDAQ: TERP), a global owner and operator of clean energy power plants, owns the facility.
"Regulus was an extremely difficult and complicated project. It was the collective creativity of our capital partners that allowed us to consistently deliver solutions when problems arose. We are very proud of the communities and agencies that were involved in the project, as well as our development and construction teams who worked tirelessly to bring the project to life," said Ryan Bennett, Vice President of project finance, North America at SunEdison.
The Javiera solar project, a 69.5 megawatt solar power plant in Chile, was funded through a $130 million USD non-recourse debt financing arrangement with CorpBanca and BBVA. The power plant will provide energy under a 20-year Power Purchase Agreement (PPA) to Minera Los Pelambres, a subsidiary of Antofagasta Minerals, the largest private mining group in Chile and one of the largest copper producers in the world. The Javiera project represents the first time that a solar plant in Chile was financed exclusively by commercial banks. Javiera is on TerraForm Power's call right list, giving TerraForm the option to acquire 60% of the project from SunEdison (40% of the interest is already held by an affiliate of the off-taker).
"This award recognizes our ability to innovate in project finance and to attract commercial banks to finance high value projects such as Javiera in Chile," said Jose Perez, President of SunEdison EMEA and Latin America. "It is also the result of the strong alliance between SunEdison and TerraForm Power that facilitates access to better financing conditions, making us more competitive. We are glad that leading banks, such as CorpBanca and BBVA, invested in solar photovoltaic energy and we hope to expand this collaboration to new projects in the near future."
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company manufactures solar technology and develops, finances, installs, owns and operates wind and solar power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides asset management, operations and maintenance, monitoring and reporting services for its renewable energy customers around the world. Corporate headquarters are in the United States, with additional offices around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About TerraForm Power
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com.
SOURCE SunEdison, Inc.