SunEdison, a subsidiary of MEMC Electronic Materials Inc., has completed a 155 million euro nonrecourse debt financing arrangement with IFC (a member of the World Bank Group), Overseas Private Investment Corp. (OPIC) and UniCredit Group for its 60.4 MW solar power plant in Bulgaria.
SunEdison expects to complete the sale of the equity of this power plant this year. IFC provided 46.1 million euros and mobilized an additional 41.1 million euros from UniCredit through a syndication loan, while OPIC provided a $50 million parallel loan.
UniCredit Bulbank acted as the Bulgarian local bank and provided a local currency VAT facility worth approximately 30 million euros. The total value of the debt for this transaction is approximately 155 million euros.
Construction of the 60.4 MW plant began in September 2011, and the facility was interconnected in March. Located in Karadzhalovo, the project covers an area of 100 hectares and uses more than 214,000 solar modules.