Click here to close now.


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

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.

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
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...