SunEdison Completes One California Project, Closes Financing On Another

Posted by SI Staff on October 23, 2014 No Comments
Categories : Projects & Contracts

SunEdison Inc. has completed a 1.7 MW roof-mounted solar PV project in California, as well as closed construction financing for a 26 MW project in the state.

The company says its newly finished 1.7 MW project is located in Hesperia, Calif., and will provide power to Southern California Edison (SCE) and benefit the landowner: real estate developer ICO Group.

SCE is buying the energy via a 20-year power purchase agreement as part of its Solar Photovoltaic Program (SPVP), aimed at advancing solar energy generation. Under the program, the facility owner benefits by leasing its rooftop.

The Hesperia facility is the second SPVP project SunEdison has completed with SCE, with nine more projects currently under development.

‘SCE is proud to continue to support the development of solar distributed generation in California and appreciates the contribution this project will have to helping SCE meet the state's energy goals,’ comments Nicole Neeman Brady, director of energy procurement at SCE.

Separately, SunEdison has closed construction financing on the 26 MW Vega solar power plant, located in Merced County, Calif. Deutsche Bank Securities Inc. underwrote the financing.

‘Vega is our latest utility-scale project in California and will be a state-of-the-art facility,’ says Ryan Bennett, vice-president of project finance, SunEdison North America. ‘Once complete, SunEdison will have contributed over 158 MW of clean, cost-effective, utility-scale solar to the citizens of California in the last 15 months alone."

Vega will feature approximately 78,700 SunEdison 330 W monocrystalline SE-F330BYC photovoltaic solar panels. SunEdison is managing the construction of the plant, which is planned to be operational by the first quarter of 2015. The company will then provide solar asset management services and 24/7 global monitoring, field dispatch and reporting services through its Renewable Operation Center.

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