SunEdison sets up $314M financing for South Africa solar projects
SunEdison arranged $314 million in funding for two solar projects in South Africa.
SunEdison LLC arranged $314 million in funding for two solar projects in South Africa.
The company, a subsidiary of MEMC Electronic Materials Inc. (NYSE: WFR), is using both debt and equity financing to pay for two utility solar projects in Limpopo Province, the northernmost bit of South Africa.
Together, the two projects will total 58 megawatts, and South Africa’s national utility, Eskom, has agreed to buy power from them for 20 years.
These two projects – Witkop Solar Park and Soutpan Solar Park – will be the first utility scale solar projects in the province, which used to be named Northern Province and which was part of the old Transvaal Province divided in 1994.
Construction on both projects is due to start in January. They’re expected to create 318 jobs during construction, and 55 long term jobs when the projects come online in 2014.
SunEdison develops, pays for, installs and runs solar power plants all over the world.
Its corporate head office is on Clipper Drive in Belmont, Calif., and its European main office is in Madrid.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.