SunEdison, a subsidiary of MEMC Electronic Materials, has signed an agreement with JPMorgan Capital Corp. for JPMorgan to fund an estimated $60 million in project financing for SunEdison deployments across the U.S.
The JPMorgan commitment will be funded through SunE Solar Fund X and used to help fund solar deployments for both commercial and government projects. This is the first distributed generation solar program for JPMorgan.
Under SunE Solar Fund X, SunEdison will finance, construct, monitor and maintain photovoltaic power plants at client locations. In return, the solar hosts will buy the energy produced to offset their demand from the grid typically at prices at or below retail rates. The JPMorgan financing will help public and commercial clients realize the benefits of solar without the up-front capital costs typically associated with solar deployments, according to the companies.