SunEdison obtains $150MM to fund new solar power project

Solar energy developer SunEdison (NYSE: SUNE) has secured $150 million in project financing from Deutsche Bank Securities to fund new projects in the United States and Canada. The deal is half of the $300 million the company will receive as part of a three-year project finance revolving credit facility.

Before the revolving facility, SunEdison had $1.2 billion in funds, which accounts for 325 megawatts of financed projects, according to a company release.

"We're pleased to strengthen our relationship with Deutsche Bank," said Ryan Bennett, vice president of project finance of North America at SunEdison. "This facility continues our successful utilization of the prior revolvers and generates significant project capital needed for our ongoing growth, thereby enhancing our corporate balance sheet."

In working with Deutsche Bank, SunEdison was able to enter the European solar market to support development of the company's first solar photovoltaic plants in the UK. SunEdison planned to construct four solar parks that have a power generation capacity of 56 MW total.

The company expects to finish the equivalent of 900 to 1,150 MW of solar parks this year, according to Bloomberg.

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