SunEdison said on Wednesday that it had secured financing to build five large-scale solar farms in the United Kingdom that will generate 85.2 MW electricity.
Terraform Power, Sunedison's yieldco subsidiary, expects to acquire the projects, which will generate enough energy for more than 26,000 homes, in early 2015.
Spanish bank group Santander and Germany's Bayerische Landesbank are bankrolling the solar farms with £70 million — £35 million each in non-recourse bridge loans. SunEdison has begun construction on all five sites, and expects to complete them in the first quarter of 2015.
SunEdison has interconnected 250 MW of solar projects in the U.K. since 2013, according to Jose Perez, president of SunEdison EMEA and Latin America.
"This transaction enhances our position in this market by supporting the strategy of one of our most important clients in the renewable energy sector," said Alejandro Ciruelos, head of Acquisition and Project Finance at Santander UK.
Alexander von Dobschutz, Bayerische Landesbank's global head of Financial Institutions & Structured Finance, echoed the sentiment: "The U.K. renewables market continues to be an important strategic market for our international project finance business."
Popular content
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: editors@pv-magazine.com.
Share
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.