BP Solar to Deploy $60 M on New Solar Projects

SunEdison launched “SunE Solar Fund I”, a $60 million fund to support the installation of up to 25 solar electric systems in the United States. The systems will be supplied by BP Solar as part of the BP Solar Energy Solutions offer and will be installed at facilities owned or leased by national retailers and state entities.

“Part of our strategy to bring solar into the mainstream is to work with the large commercial market,” said Mary Shields, president of BP Solar North America. “The SunE Solar Fund gets us in front of this market allowing us to provide a clean energy source that competes with traditional utility power.” The first three projects utilizing the fund will be installed this summer on three Staples facilities in Rialto, and Ontario California and Englewood, New Jersey. At a total of 680 kW, these three systems will collectively generate about enough electricity to power 135 homes per year. “BP Solar and SunEdison are taking meaningful steps to develop the renewable power marketplace,” said Mark Buckley, vice president of environmental affairs at Staples, Inc. “Staples looks forward to working with them as an important part of our company-wide commitment to reducing climate change impacts from energy use.” The fund will pay for the upfront capital costs of installing and operating the solar systems for companies and municipalities that qualify for the fund. Such entities pay only a fixed, often below-market, rate for the electricity generated from the solar system for a 10 to 20 year term. “Our pioneering fund helps qualifying companies reap the benefits of solar electricity with no upfront cost and without affecting their balance sheet,” said SunEdison founder Jigar Shah. The fund structure consists of construction loans, senior term loans and partnership equity, all of which will be drawn down over the course of one year. Hudson United Capital, a division of Hudson United Bank, provided the construction and senior term loans. An affiliate of The Goldman Sachs Group provides the equity. Affiliates of Marathon Capital, LLC acted as exclusive financial advisor to SunEdison, LLC.