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SunEdison, TerraForm Power secure financing for UK solar projects

Partners work with Santander and Bayerische Landesbank to build 85.2 MW of solar.

SunEdison, Inc. and TerraForm Power, Inc. have secured financing to build five large-scale solar farms in the UK which will generate 85.2 megawatts of electricity. When complete, the plants will produce enough to power more than 26,000 homes.

Financing for the solar farms has been provided by Santander Global Banking and Markets (Santander) and Bayerische Landesbank, who acted as arrangers and Santander UK who acted as agent. Santander and Bayerische Landesbank each provided a £35 million non-recourse bridge loan with a tenor of two years, bringing the total amount financed to £70 million. SunEdison has begun construction on all five sites, and will complete them in the first quarter of 2015.

The projects were previously added to the call right list of TerraForm Power and are expected to be acquired by the company in early 2015.
"We are pleased to partner with Santander and Bayerische Landesbank in this portfolio of projects that will supply the UK market with more renewable energy generation from a competitive and low carbon source," said Jose Perez, president of SunEdison EMEA and Latin America. "Securing funds to meet the capital requirements of these projects is another significant milestone for SunEdison this year and strengthens our position as a key player in the solar energy industry in the UK, where we have interconnected 250MW since 2013."
Alejandro Ciruelos, head of acquisition and project finance, Santander UK, said the deal enhances Santander's position in this market by supporting the strategy an important client in the renewable energy sector.

This latest announcement comes on the heels of a deal that SunEdison and TerraForm Power signed back in November of 2014.

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Energy infrastructure  •  Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity