SunEdison, TerraForm Power conclude financing for UK solar PV projects totalling 97MW

Renewable power developer SunEdison has secured £84.6m in co-ordination with TerraForm Power for a 97MW DC portfolio of utility-scale solar photovoltaic (PV) projects in the UK.

The financing, obtained from Bayerische Landesbank as a non-recourse loan, will support construction of eight facilities across England and Wales.

The solar PV projects have been connected to the grid within the initial three months of 2015.

Generation capacities of the projects vary from 6MW to 19MW.

SunEdison president of EMEA and Latin America Jose Perez said: “As we continue to provide clean energy to the UK market, this portfolio of projects marks a new milestone for us.

“Since entering the UK market, we have been able to connect over 375 MW in just 12 months. The total installed capacity of our projects in the UK powers the equivalent of more than 110,000 local homes per year.

“The UK will continue to be a key market for our growth strategy, and we look forward to helping the UK reach its renewable energy targets.”

SunEdison will be selling all the facilities to TerraForm Power for an undisclosed amount. While facilities totalling 53MW have already been sold, the rest is likely to be sold within the second quarter this year.

Power generated from the facilities will be purchased by UK’s EDF Energy for a 15 year period.