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Belmont, California, November 20, 2013
– SunEdison, Inc. (NYSE:SUNE), a leading worldwide solar energy services provider today announced the closing of a $100.4 million non-recourse debt financing arrangement with the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution and IFC, a member of the World Bank Group. The debt proceeds will be used in Chile for the construction of a 50.7 MWp solar power plant, to inject energy directly into the Central Interconnected System (SIC), selling all its production in the spot market (merchant solar).
OPIC is providing $ 62.9 million of debt, IFC is providing a parallel loan of U.S. $37.5 million and Rabobank is providing a local Chilean Peso VAT facility for the equivalent of U.S. $25.6 million.
Interconnection of the 50.7 MWp plant is expected to take place during the first quarter of 2014. Once completed, the project, called "San Andrés" and located in the Atacama region, is set to become the largest solar photovoltaic merchant plant in Latin America in 2014 and one of the largest in the world.
Pancho Pérez, SunEdison President for Europe, Middle East, Africa and Latin America, stated: “This plant represents significant growth for SunEdison and Chile’s PV industry, and significant value creation for SunEdison, investors and the region. The San Andrés merchant PV plant highlights SunEdison’s ability to deploy innovative energy solutions that address consumers’ electricity needs, contribute to national economic growth by reducing energy cost, and serve as a reference for the industry worldwide. We are very proud to partner once again with OPIC, IFC and Rabobank in Chile to enable this worldwide flagship project”.
Pérez added, “When completed, San Andrés will be the one of the first merchant PV plants and will demonstrate that solar photovoltaic is already a competitive energy source in countries like Chile. This project reinforces SunEdison’s leadership in the Latin American renewable energy market and reaffirms our commitment to clean energy industry development in Chile”
"OPIC is excited to support this landmark project which will help Chile take advantage of its solar potential, increase access to energy, and create local jobs," said Elizabeth L. Littlefield, OPIC President and CEO. "This is an important renewable energy project for OPIC in Chile and we look forward to advancing it while continuing our strong partnership with SunEdison."
"This project proves that with the right sponsors, domestic environment and financiers, debt financing has become a viable option for merchant solar plants. IFC's support is a continuation of our strategy to promote commercially competitive renewable solutions in Chile and the wider region”, said Jean Philippe Prosper, IFC Vice President for Sub- Saharan Africa, Latin America and the Caribbean.
“Rabobank is very pleased to extend our relationship with SunEdison with financing for this second Chilean PV solar energy plant,” said Thomas Emmons, Head of Project Finance for Rabobank in the Americas. “Our support of both the San Andrés and Amanecer Solar CAP projects signals our belief in the long-term prospects for renewable energy in Chile, where we are also active in agribusiness lending, and our commitment to partnering with leaders in the solar power industry such as SunEdison.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
About SunEdison
SunEdison, Inc. (NYSE:SUNE), formerly MEMC Electronic Materials, Inc., is a global leader in semiconductor and solar technology, and a leading solar energy services provider dedicated to transforming lives through innovation. SunEdison provides innovative, advanced technology solutions to corporations, utilities, governments and leading chip manufacturers to transform lives around the world. With R&D and manufacturing facilities in the U.S., Europe and Asia, the company focuses on innovation throughout our business. We carry this commitment throughout our global sales, manufacturing, and support organizations.As of June 30, 2013, SunEdison has interconnected over 700 power plants representing more than 1 Gigawatt of solar energy. For more information about SunEdison, please visit
www.sunedison.com
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