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SunEdison Closes $160 Million Fund With Barclays and Citi
Fund Enables Accelerated Growth of SunEdison's North American Distributed Generation Business
|By PR Newswire
|August 21, 2014 07:00 AM EDT
BELMONT, Calif., Aug. 21, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading provider of solar energy solutions and services, announced today that is has closed a $160 million fund for distributed generation projects in the United States with Barclays and Citi. The lease pass-through fund represents a unique structure that will provide the tax equity for 40 U.S. projects. The portfolio includes a mix of ground-mounted, rooftop and canopy photovoltaic systems with an average size of 1.1 megawatts per project.
The fund's innovative financial structure is designed to enable efficiencies for the tax equity investor. The investment structure will allow SunEdison to accelerate the growth of its distributed generation portfolio for commercial and industrial customers, a segment where SunEdison enjoys a leading market share position in the United States.
"We are excited to complete this new fund with Citi and Barclays," said Ryan Bennett, vice president of project finance, North America at SunEdison. "SunEdison is pioneering new financing structures and cutting-edge solar offerings with top tier partners. This deal reflects the power of these strong relationships and our commitment to press deeper into new structures that will further enable our leadership in the U.S. distributed generation segment. We value and appreciate the relationships we have built with Citi and Barclays and look forward to continuing to grow with them."
"We are proud to support SunEdison and this innovative effort to fund distributed generation solar power projects throughout the United States," said Marshal Salant, managing director and global head of alternative energy with Citi. "Citi is committed to environmental sustainability and to financing clean renewable energy. Through this fund we can provide access to renewable energy to more businesses and municipal entities."
"Barclays is pleased to support SunEdison on this ground-breaking fund and is excited about the role it will play in financing solar power projects across the country. Our participation in the fund underscores our position as a full-service provider to the alternative energy sector and, by advancing environmental sustainability, complements our global Citizenship agenda," said Rama Subramaniam, managing director, Barclays.
Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays' purpose is to help people achieve their ambitions – in the right way. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the lease pass-through fund represents a first-of-its-kind investment structure that will provide the tax equity for 40 projects located in the U.S.; the portfolio includes a mix of ground-mounted, rooftop and canopy photovoltaic systems with an average size of 1.1 megawatts per project; the fund's innovative financial structure is designed to enable unique efficiencies for the tax equity investors, including greater ease of underwriting credits; and the investment structure will allow SunEdison to accelerate the growth of its distributed generation portfolio, a segment where SunEdison enjoys a leading market share position in the U.S. 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 changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.
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