JPM Capital Corporation and TerraForm Power are to invest a combined $175 million in a solar PV fund created by U.S. solar company, SunEdison.
TerraForm Power will plow $100 million into the fund, with JPM investing a further $75 million. Monies from the fund will be steered towards the development of 60 MW of solar PV projects across the U.S. SunEdison has already begun developing these projects, with completion scheduled for 2015.
The investment will enable SunEdison to maintain advantageous pricing for its customers, the company said, while the injection of cash from TerraForm Power boosts its sizeable project pipeline further.
SunEdisons VP of project finance for North America, Ryan Bennett, said that the involvement of JPM Capital was an important signifier not just for SunEdison, but for the wider solar industry at large.
This is one of the largest funds of its kind in 2014, and it puts SunEdison and TerraForm Power in an ideal position to rapidly grow and expand the solar energy market, all while offering excellent pricing and financing to our customers, Bennett added.
TerraForms Carlos Domenech who acts as CEO and president of the company remarked that the fund enables TerraForm to make substantial acquisitions that strengthen our position as a leader in the highly fragmented solar energy market, adding: Our partnership with SunEdison, together with JPM Capitals investment commitment positions TerraForm Power to continue our expansion in this fast-growing, high-margin segment.