News Brief | December 2011
SunEdison bags landmark financing for solar projects
SunEdison announced that it has secured project financing for a series of solar projects under construction in Gujarat and Rajasthan. The funding worth about $110 million (over Rs 500 crore) was secured by the company from Overseas Private Investment Corporation (OPIC), L&T Infrastructure Finance Company and Infrastructure Development Finance Company (IDFC). The project debt will be used for the construction of several fully contracted solar projects with an expected capacity of 50 MW. Once operational, these plants are expected to generate over 84,000 MW hours of clean renewable energy in the first year of operation. With the support of its financing partners, the company is able to secure project capital using some of the most innovative structures in the market, which yield a lower cost of capital. This helps to ensure that projects are completed on schedule and that investors receive promised returns.