SunEdison Secures $50 Million For 13.4 MW Solar Portfolio For State Of California

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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.

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