SunEdison Inc. and subsidiary TerraForm Power Inc. have closed financing on a 97 MW portfolio of utility-scale photovoltaic solar projects in the U.K.
The projects, which were connected earlier this year, consist of eight solar farms in England and Wales with capacities of 6 MW to 19 MW. Financing for the construction of the solar farms was provided by Germany-based Bayerische Landesbank in the form of a nonrecourse loan of 84.6 million British pounds.
EDF Energy will purchase the electricity from the projects energy under a 15-year power purchase agreement with SunEdison. TerraForm Power has acquired plants with a capacity of 53 MW from this portfolio. It intends to acquire the remaining 44 MW during the second quarter of this year.