SunEdison closes on construction financing underwritten by Deutsche Bank. The funds will be used to construct the 60 MW AC Regulus solar power plant in Kern County, California.
Earlier this month, solar provider SunEdison (NYSE: SUNE) announced that it had closed the first $150 million of a $300 million three-year project finance revolving credit facility arranged by Deutsche Bank Securities, Inc. The credit facility is meant to support the development and acquisition of new projects in the U.S. and Canada.
This week, SunEdison said it has closed on construction financing underwritten by Deutsche Bank Securities Inc. The funds will be used to construct the 60 MW AC Regulus solar power plant located in Kern County, California.
SunEdison is managing the construction of the project, which will use approximately 250,000 SunEdison Silvantis™ Photovoltaic Solar Modules. The installation is designed to generate enough electricity to power over 10,000 homes per year.
Southern California Edison (SCE) will purchase the power generated by the facility under a 20-year Power Purchase Agreement (PPA). The project will contribute to SCE’s fulfillment of its Renewable Portfolio Standard (RPS) requirements and California’s objective of obtaining 33% of its power from renewable sources by 2020.
The Regulus plant is expected to be operational by the end of this year. SunEdison will provide solar asset management services and 24/7 global monitoring, field dispatch, and reporting services through its Renewable Operation Center.
“Regulus is our largest North America project to date and is evidence of the momentum we are building in the California utility scale solar market,” said Bob Powell, SunEdison president of North America, in a statement. “In the past month we’ve announced completion on the Adobe and Cascade projects which total nearly 40 MW AC. We look forward to participating in the continued growth of the California solar market.”