SunEdison secures financing for two utility solar projects in Canada

SunEdison has secured financing for two solar power plants to be built in Ontario, Canada. The loan will be provided by Deutsche Bank Securities for the plants, which will provide employment for skilled manufacturing and construction workers in Ontario.

Scheduled to be operational by the end of 2014, the plants construction will be managed by SunEdison.

The solar power plants will comprise over 100,000 SunEdison Silvantis Photovoltaic Solar Modules, which built using SunEdison polysilicon and wafers to ensure maximum reliability and performance in the province of Ontario.

The SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring, field dispatch and reporting services, will manage the plants once operational.

SunEdison Canada vice president and country manager Michael Dilworth said that the Green Energy Act continues to benefit by creating jobs and increasing renewable energy in Ontario.

"We have over 130 MW DC [megawatts direct current] of solar energy operating in Ontario today, and are pleased to add these two new utility-scale projects to our portfolio as part of the continued growth of our Canada business," Dilworth added.

SunEdison North America project finance vice president Ryan Bennett said, "This relationship helps us deliver maximum value to our shareholders by helping us keep capital costs low and facilitating our growth while preserving our balance sheet."

The two plants will offset the CO2 emissions of over 15.5 million pounds of coal per year, according to the US Environmental Protection Agency Greenhouse Gas Equivalencies Calculator.