SunEdison will use the $67.3 million investment to fund the development and construction of its PV projects in central and southern California. This funding boost is said to aid in setting up more than 150 MW of solar assets.
According to SunEdison the projects being undertaken are designed to generate an estimated 320,000 MWh of electricity annually, and create hundreds of jobs for Californian electrical and construction workers. The New Energy Capital Cleantech Infrastructure Fund and the Cleantech Alliance Fund encourage the creation of union jobs all across the U.S. "This investment offers attractive returns for our investors and we anticipate that it will create approximately 250,000 man-hours of work for highly-skilled union laborers in California," said Scott Barrington, CEO of North Sky Capital, the manager of the Cleantech Alliance Fund.
SunEdison's President and General Manager, North America, Tim Derrick stated that the company is dependent on strong relationships with committed finance partners. Derrick added, "Working together enables us to deliver predictably priced clean energy to our customers while generating construction jobs in the communities that will benefit from the energy generated by the projects."
PJ Lee, Managing Partner of Everstream Energy Capital Partners, added that developers do face significant funding gaps at certain stages of the development cycle and companies like his are thus commited to provide flexible and efficient capital to such assets.
SunEdison continues to see a growth in its solar project pipeline as reported in August. This is despite the $102.9 million net loss in the second quarter.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.