SunEdison Inc. has closed a $155 million non-recourse debt financing arrangement for the construction of a 72.8 MW merchant solar power plant in Chile.
The company secured the project financing with Overseas Private Investment Corp., the Inter-American Development Bank, and Chilean commercial bank CorpBanca, which is also providing a local Chilean Peso VAT facility equivalent to $35 million.
SunEdison expects to complete the project, called Maria Elena, later this year and will own and operate the plant. The project's generation will be fed directly into the Chilean national electricity grid and sold in the spot market without any incentive support.
According to the company, the project is set to become one of the largest solar PV merchant power plants in Latin America.