SunEdison and TerraForm have jointly secured financing to build five large-scale solar farms in the U.K. with a total of 85.2 megawatts capacity.
It is expected that the projects will be acquired by the company in early 2015.
Previously, these projects were added to the call right list of TerraForm.
These five solar farms are sufficient to power more than 26,000 homes in the region.
Santander and Bayerische Landesbank, who were finance providers for the projects, arranged £35 million each of non-recourse bridge loan with a tenor of two years, bringing the total amount financed to £70 million.
Construction has already begun for all five projects and will be completed in the first quarter of 2015.
These new projects account for a significant milestone, strengthening SunEdison’s position as a key player in UK solar industry, where the company has interconnected 250MW since 2013.
In a recent development, SunEdison had raised a total of $590 million dollars to fund the acquisition of First Wind.
SunEdison raised $190 million of proceeds through the secondary offering of SunEdison Semiconductor shares.
Sabeena Wahid
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