MEMC Electronic Materials Inc. has formed SunEdison Capital, a new division within its SunEdison subsidiary, and appointed Carlos Domenech to the newly created position of president.
SunEdison Capital will focus on aggregating capital to develop, build and finance the long-term ownership of solar power plants. As part of this effort, the division will develop internal and external capital funds and facilities, playing a key role in financing the growth of SunEdison's solar business in addition to acquiring new projects.Â
Domenech most recently served as president of SunEdison and executive vice president of MEMC, where he co-managed the company's solar energy business unit, including solar project development, energy sales, business development, pipeline generation, project finance and services.
Additionally, MEMC has released details on a forthcoming company name change. Subject to shareholder approval, the company will rename itself SunEdison Inc. If approved, the name change would be effective after the company's annual meeting of shareholders on May 30, 2013.
This name change does not reflect a change in business strategy related to either of the company's segments, MEMC says. Rather, the name change is designed to better reflect the synergistic nature of the two businesses and help create and maintain one global brand name.