SunEdison completes 155 million euros debt finance for 60.4 MW solar plant in Bulgaria

SUNEDISON

SunEdison completes 155 million euros debt finance for 60.4 MW solar plant in Bulgaria

Greentech Lead Europe: SunEdison, a solar energy services
provider, has completed euro 155 million non-recourse debt financing with IFC,
Overseas Private Investment Corporation (OPIC) and UniCredit Group for
SunEdison’s 60.4 MW solar power plant in Bulgaria.

SunEdison expects to complete the sale of the equity of
this power plant in 2012.

IFC provided euro 46.1 million and mobilized an
additional euro 41.1 million from UniCredit through a syndication loan, while
OPIC provided a $50 million parallel loan. UniCredit Bulbank acted as the
Bulgarian local bank and provided a local currency VAT facility worth
approximately euro 30 million.

SunEdison said construction of the 60.4 MWp / 50 MWac
plant started in September 2011, and it was interconnected in March 2012.

Located in Karadzhalovo, the project covers an area of
100 hectares and uses more than 214,000 solar modules. In the first full year
of operation, the system is expected to generate sufficient energy to power
27,000 homes and avoid 37,400 tons of CO2 – the equivalent of removing more
than 7,000 cars from the road.

“This project is a perfect example of how the
combination of state-of-the-art technology and SunEdison’s successful track
record in the construction, operation and maintenance of solar power plants
creates sound investment opportunities for our financing partners. Our
long-term commitment to solar projects and our relentless focus on energy
production optimization are both key attributes that lead our financing
partners to trust in SunEdison,” said Pancho Perez, general manager of
SunEdison for Europe, Middle East, North Africa and Latin America.

“The investment in Karadzhalovo is our largest
single solar financing to date and the fact that it was completed in just four
months is a testament to the strong working relationship among the banks and
SunEdison,” said Tomasz Telma, IFC Director for Europe and Central Asia.

“These types of public-private collaborations –
using development financing to leverage private sector investment in
state-of-the-art technologies – point the way to ever-increasing use of
renewable energy sources in developing regions around the world, a trend we are
happy to support,” said OPIC President and CEO Elizabeth Littlefield.

“We are proud of having contributed to the
establishment of the SunEdison Karadzhalovo solar power plant, which was
advanced with our comprehensive expertise in arranging complex loans. Together
with SunEdison and global institutions IFC and OPIC, we put this very important
project in renewable energy on a financially sound and competitive
foundation,” said Gianni Franco Papa, deputy CEO and head of the CEE
Division at UniCredit Bank Austria.

editor@greentechlead.com