US: SunEdison closes $253 million financing on 156 MW PV project

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The renewable energy giant is tapping its $1.5 billion First Reserve Warehouse facility for the $253 million required for its Comanche Solar project, acquired from Community Energy in 2014. Wells Fargo, meanwhile, is providing tax equity.

When complete early next year, the 156 MW (DC)/120 MW (AC) project is expected to generate enough energy for 30,000 homes. The power will be bought by Public Service Company of Colorado, a subsidiary of Xcel Energy, under a 25 year PPA. Renewable Energy Systems Americas Inc. is acting as project manager.

"The Comanche Solar project demonstrates SunEdison’s ability to deliver renewable energy at a price competitive with conventional resources," said Paul Gaynor, SunEdison executive vice president for EMEA and the Americas. "This facility is designed to expand as projects move into construction without incremental equity contributions by SunEdison," he added.