SunEdison Recieves US $37M Credit Facility

NORD/LB has structured a revolving facility for SunEdison LLC for construction of rooftop solar systems & ground mount solar projects across the United States. NORD/LB working together with SunEdison has been joined by US Bank to increase the facility to US $37.5 million from the original facility size of $25 million.

NORD/LB will act as the administration agent. The financing will provide construction bridge until commercial operation at which time permanent financing will be put into place, SunEdison said.

NORD/LB and US Bank were advised by Milbank. Black & Veach is the independent engineer for the financing.

SunEdison recently reached a deal with Walmart Puerto Rico to deploy rooftop solar systems on five of the company’s stores with the potential for 23 stores over five years. The overall project will be the largest renewable energy project ever developed on the island.

Under a solar power services agreement with Walmart, SunEdison will finance, own, build and operate the photovoltaic solar energy systems. Construction on the first 895-kilowatt (kW) rooftop system at Walmart Supercenter Caguas is scheduled to begin before the end of 2009.

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