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SunEdison and NORD/LB Close On Financing for Bruining Solar Project in Ontario
TORONTO, July 31, 2014 /PRNewswire/ -- SunEdison, a leading global solar technology manufacturer and provider of solar energy services, today announced that it has reached financial close with Norddeutsche Landesbank Girozentrale (NORD/LB) for an 18 megawatt (MW) DC solar power plant in Ontario. The project is set to start construction in July and be completed by the end of 2014, at which time it will be sold to Firelight Infrastructure Partners. The facility is expected to generate approximately 20 gigawatt hours of clean energy in the first year, equivalent to the annual electricity consumption of over 1800 homes, all of which will be fed directly into the energy grid.
"The Bruining project demonstrates SunEdison's ability to develop solar projects that bring both environmental and economic benefits to the citizens of Ontario," said Michelle Chislett, Country Manager for SunEdison Canada. "By continuing to work with established capital partners like NORD/LB on projects like Bruining, we can help Ontario meet its clean energy goals."
Through the completion of the Bruining project under the Feed in Tariff program, SunEdison is expanding clean generation capacity to provide Ontario with more renewable energy, while simultaneously creating and sustaining construction and manufacturing jobs in the local economy. This project builds upon the growing portfolio of projects by SunEdison and NORD/LB in Ontario, adding to a list that includes several completions in 2011 under the Renewable Energy Standard Offer Program.
"Renewable energy is a mainstay of Nord/LB and we are proud to have been able to support SunEdison again in Ontario," said Andrew Robinson, Global Head of Structured Finance Originations at NORD/LB.
To complete the project, NORD/LB is providing a construction loan of approximately $50.5 million CAD, and has committed to provide up to $63 million CAD of long term debt. White Canada Construction Inc. is responsible for the construction of the project. All materials for the project including solar panels, inverters and electrical equipment, will be assembled in Ontario. Once operational, the solar power plant will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services.
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, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
With total assets of EUR 197 billion, NORD/LB Norddeutsche Landesbank is a leading German business bank. Its core business segments include corporate customers business, structured financing in the energy and infrastructure sector, ship and aircraft financing, commercial real estate financing (via Deutsche Hypothekenbank), capital market business and private and commercial customers. The bank has headquarters in Hanover, Braunschweig and Magdeburg and branches in Dsseldorf, Munich, Hamburg and Schwerin. With Braunschweigische Landessparkasse it has an extensive presence with more than 100 branches. NORD/LB is represented outside of Germany by a subsidiary in Luxembourg and branches in London, New York, Singapore and Shanghai.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the project is set to start construction in July and be completed by the end of 2014; the project will be sold to Firelight Infrastructure Partners; the facility is expected to generate approximately 20 gigawatt hours of clean energy in the first year, equivalent to the annual electricity consumption of over 1800 homes, all of which will be fed directly into the energy grid; and while simultaneously creating and sustaining construction and manufacturing jobs in the local economy. 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 changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.
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