A consortium of New Energy Capital Partners, North Sky Capital, and EverStream Energy Capital Management today announced that it has closed an investment of $67.3 million to fund the development and construction of utility-scale solar photovoltaic power projects in Central and Southern California by SunEdison.
Tim Derrick, President and General Manager, North America, SunEdison, said, "We depend on strong relationships with committed finance partners. Working together enables us to deliver predictably priced clean energy to our customers while generating construction jobs in the communities that will benefit from the energy generated by the projects."
SunEdison is a global leader in developing, building, and operating solar energy assets, with more than 1 GW of solar projects under management. The investment is expected to enable SunEdison to complete development and construction of more than 150 MW of solar assets. The projects are designed to generate an estimated 320,000 MWh of electricity annually, and create hundreds of jobs for California electrical and construction workers.
"SunEdison is one of the premier solar energy companies in the industry. We look forward to working with them to complete these projects," said Scott Brown, CEO of New Energy Capital Partners. The New Energy Capital Cleantech Infrastructure Fund and the Cleantech Alliance Fund encourage the creation of union jobs across North America. "This investment offers attractive returns for our investors and we anticipate that it will create approximately 250,000 man-hours of work for highly-skilled union laborers in California," said Scott Barrington, CEO of North Sky Capital, the manager of the Cleantech Alliance Fund.
"Developers face significant funding gaps at certain stages of the development cycle, and we are committed to bringing flexible and efficient capital to high quality assets," said PJ Lee, Managing Partner of Everstream Energy Capital Partners.
The investment group was represented by Akin, Gump, Strauss, Hauer & Feld.