Solar technology company SunEdisonhas signed a financing agreement worth $190 million for the construction of a 72.8 MW Maria Elena solar project in northern Chile.
The construction of the project is expected to start this year.
Solar Chile, a solar development firm from Santiago, has undertaken photovoltaic power projects of total 1.5 GW in northern Chile and the Atacama Desert region. Maria Elena to be constructed in Antofagasta will strengthen the company’s position in Chile.
The boards of U.S. Overseas Private Investment Corporation (OPIC), Inter-American Development Bank (IDB), the Clean Technology Fund (CTF) and Corp Banca have approved loans of $48.9 million, $50.3 million, $16.0 million and $74.8 million, respectively.
Atacama Desert absorbs solid concentration of direct sunlight that makes it a perfect place for solar power generation. This project will help in achieving Chile’s plan to boost green energy and help in the reduction of greenhouse gas releases.
This debt financing agreement will help in accelerating growth of the company’s project portfolio.
In 2013, SunEdison had entered into an agreement with steel and iron ore supplier CAP in Chile to jointly develop solar photovoltaic power plant in Latin America, located in the Atacama Desert with an installed capacity of 100MW.
SunEdison reported 86.8 percent year over year growth in solar business.
SunEdison’s project development requires considerable time and investments and any delay in selling these projects at desired prices will affect liquidity.
SunEdison exited the first quarter with $526.6 million compared with $643.6 million in the previous quarter. Long-term debt was $3.49 billion.
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