SunEdison and Nationwide Mutual Insurance have created a $50 million fund to build a 13.4 MW solar portfolio for the California prison and hospital systems.
Sol Systems advised Nationwide Mutual Insurance on the acquisition of the equity in the transaction. SunEdison secured long-term debt for the projects from the National Bank of Arizona.Â
SunEdison says the collaborative investment involved a tax equity transaction and will enable the State of California to reduce energy expenses. SunEdison will manage the plants once they are operational.
‘Financing is a critical element of any solar project, and having partners who are willing to innovate with us is critical to our growth,’ says Carlos Domenech, president of SunEdison Capital.