Welcome!

News Feed Item

SunEdison and Deutsche Bank Complete Project Portfolio for 56 MW of Utility-Scale Solar Projects in United Kingdom

-- Foresight Solar Fund to Acquire Projects Once Interconnected

LONDON, Feb. 26, 2014 /PRNewswire/ -- SunEdison (NYSE:SUNE), a leading solar technology manufacturer and provider of solar energy service today announced the closing of a non-recourse debt financing arrangement with Deutsche Bank. The debt proceeds will be used to finance the construction of 56 megawatt (MW) portfolio of four utility-scale photovoltaic (PV) solar projects in the United Kingdom. The portfolio is expected to be fully operational by the end of March 2014.  This portfolio marks SunEdison's entry into the rapidly growing UK solar market.

"We are delighted to be involved in this exciting project by providing the financing to our client," said Michael Volkermann, Co-Head of Infrastructure & Energy from Deutsche Bank. "This transaction is evidence of Deutsche's expertise in supporting companies in the renewable energy sector by providing extensive advisory and financial services."

SunEdison also announced today that through a Share Purchase Agreement (SPA), Foresight Solar Fund Limited (LSE:FSFL), a £150 million investment company listed on the London Stock Exchange and managed by Foresight Group, will acquire the entire portfolio of projects once interconnected. The projects, which are currently under construction, are located in Swindon, Wiltshire, North Devon and on the Essex/Suffolk border. The Fund commitment to acquire these assets was confirmed in the IPO Prospectus issued by Foresight Group in September 2013 and will be completed utilising the Fund's IPO proceeds.

"We are entering the UK solar market with a project portfolio while expanding our relationship with Deutsche Bank, this demonstrates our ability to utilize existing relationships to enter new markets and facilitate the expansion of our utility business without impacting our balance sheet," said Jose Perez, SunEdison's President of EMEA and Latin America.  "We view the United Kingdom as a high-growth market for solar and for our company, we are looking forward to supporting economic growth for the United Kingdom through solar projects that create jobs and support the local economy while delivering predictably priced energy."

The energy produced from the projects will be purchased from SunEdison by SmartestEnergy, a market leading purchaser of independently generated electricity in the UK, through a Power Purchase Agreement (PPA).  The PPA will provide SmartestEnergy reliable, predictably priced energy for years to come, insulating them from pricing volatility that is common in energy markets.

The United Kingdom has declared its intention to deploy over 20 gigawatts (GW) of solar energy by 2020. Greg Barker, Minister of State for Energy and Climate Change, was quoted during the Doing Solar Business in the UK event held last June as saying, "Great Britain is the most exciting growth market for solar in Europe." Prime Minister David Cameron has pledged to run the "greenest government ever" and to make the UK a "showcase for green innovation and energy efficiency."

Perez further remarked, "We commend the leadership of the United Kingdom for demonstrating its commitment to build a world-class renewable energy industry through a mix of programs such as the Renewables Obligation which provides support for medium to large scale solar, a reformed Feed in Tarrif System that helps small businesses and households save using solar and a Renewables Roadmap that makes solar a Priority Industry."

Once operational, the solar power plants will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services.   Data collected from the ROC is used to continuously improve the company's products, project designs and service offerings. 

About SunEdison

SunEdison is a global leader in semiconductor and solar technology. SunEdison's semiconductor business has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the next generation of high performance semiconductor devices. SunEdison's solar business develops, finances, installs and operates distributed power plants, delivering predictably priced solar energy and services for its commercial, government and utility customers. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE."  To learn more visit www.sunedison.com.

About Foresight Group

Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1 billion of assets under management. As one of the UK's leading solar infrastructure investment teams Foresight funds currently manage over £650 million in 23 separate operating Photovoltaic ("PV") plants in the UK, the USA, Italy and Spain. 

In May 2013 Foresight executed an innovative refinancing of its existing UK solar assets through the issue of a £60m London Stock Exchange listed index-linked Solar Bond.

Foresight Group has offices in the UK, the USA and Italy.

www.foresightgroup.eu

About Foresight Solar Fund Limited ("The Company" or "FSFL")

FSFL is a Jersey-registered closed-end investment company. The Company will invest in a portfolio of operating UK ground based solar power assets to achieve its objective of providing Shareholders with a sustainable and increasing dividend with the potential for capital growth over the long-term.

The Company raised proceeds of £150m through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange in October 2013.

About Smartest Energy

SmartestEnergy is the UK's leading purchaser of independently generated electricity and a provider of Power Purchase Agreements and Feed-in Tariffs. Our portfolio covers more than 650 sites - 31% of the UK's independent embedded renewable capacity – encompassing commercial-scale projects in a wide range of renewable and non-renewable forms of generation. We work with many new generators, from less than 100kW to 90MW, providing independent advice on projects from concept to connection.

Forward-Looking Statements

Certain matters discussed in this press release are forward-looking statements, including that plants will be operational by the end of March 2014.   Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include delays or interruptions in construction of power plants; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.