SunEdison closes financing for Latin American solar power plants
The debt proceeds will be used in Chile for the construction of a 72.8 MWp merchant solar power plant
SunEdison Inc. closed a $155 million non-recourse debt financing arrangement with the Overseas Private Investment Corp. (OPIC), the Inter-American Development Bank and CorpBanca, who also provided a local Chilean Peso VAT facility equivalent to $35 million.
Transmission interconnection of the 72.8 MWp plant is expected to take place during 2014. Once completed, the project, called "Maria Elena" and located in the Antofagasta region of Chile, is set to become one of the largest solar photovoltaic merchant power plants in Latin America.
Electricity generated from the merchant solar plant will be fed directly into the Chilean national electricity grid and will be sold directly in the spot market without any incentive support.