SunEdison raises funds to build facilities in Ontario, Canada

SunEdison has raised CAD $115 million ($104.2 million) in financing in order to build 33 MW of solar utilities in Ontario, Canada.

Germany’s Deutsche Bank is backing the projects, which SunEdison predicts will be operational by the end of the year. The facilities will be entirely borne of Ontario, with 100,00 modules being manufactured and then being installed within the province. The facilities are projected to produce enough electricity to power 1,300 homes.

Michael Dilworth, vice-president and country manager for SunEdison Canada, said, "We have over 130 MW of solar energy operating in Ontario today, and are pleased to add these two new utility-scale projects to our portfolio as part of the continued growth of our Canada business."

To date, SunEdison says that it has raised over $6 billion in capital to fund renewable energy projects around the world. The investment in Ontario is only the latest round in an ongoing relationship between the company and Deutsche Bank. It was announced in April that Deutsche Bank had provided SunEdison with $300 million in funding for projects within the US and Canada. Two months earlier, it was revealed that the two companies were working together to implement 56 MW of solar across four utilities in the UK.

Ryan Bennett, vice-president of project finance for North America at SunEdison, said that the relationship between SunEdison and Deutsche Bank helped the former deliver maximum value to its shareholders. It also allowed the company to keep its capital costs low and facilitated its growth while preserving its balance sheet, he added.