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SunEdison and Firelight Close on Financing for 10MW Solar Project in Ontario

Published on 14 Sep 2012

SunEdison and Firelight Infrastructure Partners ("Firelight") are pleased to announce that they have reached financial close under a construction and term debt credit facility for a 10 megawatt (MW) solar project in Ontario. The project, which is currently under construction, is owned by SunEdison and Firelight as equity partners. Deutsche Bank acted as the private placement agent and the transaction was supported by a consortium of lenders.

Located on 87.5 acres of land in Norfolk County, Ontario, the 10MW solar facility is expected to generate approximately 14 gigawatt hours of clean energy each year, which is enough to power more than 1,000 homes annually.

"In addition to the environmental benefits, this is another great example of how the FIT program is helping to create and sustain jobs in Ontario," said Michael Dilworth , Vice President and Country Manager for SunEdison Canada . "In addition to utilizing local labor for approximately 85 contract construction jobs and ongoing operations, all of the solar panels used for the project are made right here in the province. Also making the project unique for us is the use of a private placement approach, which opens up new sources of financing for SunEdison and broadens the lending market for solar assets in Canada ."

Construction of the project began on September 4, 2012, and is expected to be completed during the first quarter of 2013. Once completed, the project will utilize more than 43,500 polycrystalline solar PV modules – all of which will be supplied by SunEdison's parent company, MEMC, and will be manufactured in Ontario. In addition to developing the project, SunEdison will also be responsible for ongoing operations and maintenance services.

This is SunEdison's second utility scale project to be built in Ontario under the Feed in Tariff (FIT) program. All power generated will be sold to the Ontario Power Authority. Upon commercial operation in early 2013, Firelight will become the sole project owner. 


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