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."