SunEdison said on Tuesday that global financing group De Lage Landen Financial Services (DLL) had increased its investment to more than $100 million in a sale-leaseback fund.
The fund, announced last year, provides financing to distributed generation PV projects developed by SunEdison in the United States. The companies expect the fund to attract new commercial and municipal customers.
SunEdison is seeking to create new markets and increase its customer base for solar energy by providing the low-cost funding. "Investing in solar allows U.S. companies to reduce energy costs and reallocate those resources to their core business while creating new jobs," the company said.
While an increasing number of home and business owners are turning to solar out of economic reasons, the lack of up-front capital has prevented many would-be buyers from entering the market. SunEdison is hoping to change that with the fund.
"Distributed generation is one of the fastest growing solar segments in the United States," said Attila Toth, general manager Distributed Generation for SunEdison. "This relationship with DLL is one of the many ways we are working to help new customers enter the market and grow our business."
Chris Bailey, vice president of North America Structured Finance and Corporate Development, added, "DLL is a great partner for SunEdison and we are excited to expand our relationship with them. Our success with the initial fund and our expanded relationship with DLL contribute significantly to these goals."