SunEdison Inc. has signed an agreement with JPM Capital Corp. for the latter to invest up to $75 million in a $175 million solar energy development fund.
TerraForm Power Inc., SunEdison's yieldco subsidiary, will use the financing to purchase up to 60 MW of solar power projects that SunEdison will develop and construct through 2015. SunEdison says this funding enables it to continue offering advantageous pricing and financing to customers while growing TerraForm Power's project pipeline.
‘This fund enables TerraForm Power to make substantial acquisitions that strengthen our position as a leader in the highly fragmented solar energy market,’ says Carlos Domenech, president and CEO of TerraForm Power.
Financial leaders say consolidation of the fragmented solar market is likely to be a hallmark of 2015.
