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.