SunEdison has formed a joint venture with energy producer and transporter Dominion for developing the 420-megawatt DC Four Brothers solar project in Utah.
The under-construction project owned by SunEdison was expected to go into commercial operation by the middle of next year.
The project has 20-year power purchase agreements with PacifiCorp, a subsidiary of Berkshire Hathaway Energy.
Under the terms of the JV, Dominion will be investing about $500 million to acquire 50 percent of the cash equity and 99 percent of the tax equity in Four Brothers.
It will include funding for construction of the project.
SunEdison will fill in with the capital required to complete the project, which it has fully financed through a $150 million four-year term loan from Deutsche Bank.
The $650-million financing package fully funds the project for completion and long-term ownership.
Four Brothers project is expected to produce adequate electricity to power more than 90,000 homes. The project is also expected to create about 500 construction jobs within the rural communities of Beaver and Iron Counties and produce $66 million in direct property and income taxes over 20 years, according to a statement.
Ajith Kumar S
editor@greentechlead.com