SunEdison, a solar energy services provider, subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), announced the closure of three operations during the second quarter of 2012 covering the sale of several solar photovoltaic installations for an approximate total capacity of 98MW.
Bulgaria: sale of a 60 MWp plant
SunEdison has signed an agreement for the sale of a photovoltaic solar power plant to a consortium of investors formed by a subsidiary of First Reserve Fund Infraestruture Energy, Crescent Capital venture capital fund, focused on investing in energy infrastructure and backed by the EBRD , EIB, and other institutional investors, and ACWA Power-Saudi company that owns and operates power and water desalination plants throughout the Middle East and Africa. NOMAC, a subsidiary of ACWA Power, and SunEdison have created a joint venture that will be responsible for the operation and maintenance of the plant.
The plant, located in Karadzhalovo (a village in the municipality of Parvomay, Bulgaria) and
connected to grid in March, has been funded through a non- recourse debt financing agreement worth 155 million euros with IFC, which is part of World Bank Group, Overseas Private Investment Corporation (OPIC) and UniCredit.
Italy: sale of a 13 MWp portfolio to Eoxis
SunEdison has signed an agreement with Eoxis, a United Kingdom based energy company, for the sale of a portfolio of projects totaling 13 MWp capacity. The portfolio comprises three projects located in the Campania region, which were interconnected by the end of 2011. The assets will be operated and monitored by SunEdison through operating and long-term maintenance
agreements.
In parallel with this transaction, SunEdison closed in June, in collaboration with Eoxis, the funding for two of this portfolio’s projects. The operation was performed through a non- recourse debt financing agreement worth 24.9 million euros with Centrobanca (UBI Banca Group), an investment bank with a widely established project finance activity in the Italian market. Part of this loan has been guaranteed by SACE, the financial and insurance group owned by the Italian Ministry of Economy and Finance, which supports infrastructure development and renewable energy in Italy. The funding agreement includes an additional loan of 1.7 million for the VAT payment.
Italy: sale of a 25 MWp plant
Finally, SunEdison reached an agreement with an institutional investor for the sale of a 25 MWp photovoltaic solar power plant located in Puglia (Italy) which was connected the last quarter of 2011.
The total project portfolio sold by SunEdison in the second quarter of 2012 is estimated to generate during its first year of operation enough energy to supply 33,000 homes in Italy and Bulgaria while avoiding CO2 emissions equivalent to removing more than 10,000 cars off the road.
