SunEdison And Dominion Partner For 420 MW Solar Project In Utah


SunEdison Inc. has signed a definitive agreement with Dominion to establish a joint venture for Four Brothers, a 420 MW DC (320 MW AC) solar project in Utah.

Developed by SunEdison, the fully financed project is now under construction and has an expected commercial operations date of mid-2016. The project is expected to produce enough electricity to power more than 90,000 homes.

Four Brothers is contracted under long-term power purchase agreements for 20 years with PacifiCorp, a subsidiary of Berkshire Hathaway Energy.

Under the terms of the joint venture, Dominion will invest approximately $500 million to acquire 50% of the cash equity and 99% of the tax equity in Four Brothers, including funding of construction.

SunEdison will contribute the remaining portion of the capital required to complete the project, which it has fully financed through a $150 million four-year term loan with Deutsche Bank. The total $650 million financing package fully funds the project for completion and long-term ownership.

Four Brothers generates approximately $40 million of unlevered cash available for distribution to Dominion and SunEdison. SunEdison's 50% interest in the Four Brothers project is on the call right projects list for TerraForm Power Inc.

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