SunEdison has closed $20 million in project financing with Union Bank NA. The funds provide initial financing for two projects, including a 1.7 MW ground-mount installation hosted by the city of Rifle, Colo. The photovoltaic solar energy systems were built with no up-front costs to the host organizations. SunEdison financed, built and operates systems under long-term solar power services agreements.
‘Despite a contraction in the U.S. tax equity market, SunEdison's leading investor relationships have allowed us to develop financing innovations that bring immediate tangible value for our current and new investment partners,’ notes Carlos Domenech, chief operating officer and chief financial officer of SunEdison. ‘These improved structures also allow us to more efficiently scale our U.S. tax equity financing and serve a larger group of customers.’