In pursuit of growing its 830 MW of installed solar capacity already realized to date, SunEdison has added further capital to its solar revolving debt facility. The additional funds will be used to support the construction costs for solar projects. The credit facility is in the form of "non-recourse debt," which means that it is secured by a pledge of project collateral, including contracts and equipment.
The additional $40 million is the result of adding a new lender, in the form of TD Bank Group. Existing partner Deutsche Bank manages the revolving credit. Portigon is the other partner in the facility.
"This enhanced revolver provides an additional level of flexibility as we continue to execute on our North American pipeline of projects," said SunEdisons Chris Bailey, the vice president for North America Project Finance, in a statement announcing the facilitys expansion. Bailey added that SunEdison has a long standing relationship with the TD Bank Group.
In 2011, SunEdison developed around 300 MW of solar projects worldwide.