SunEdison nails $67m for projects

SunEdison has bagged a $67m pot of funding for utility-scale PV projects in California.

The money – provided by New Energy Capital Partners, North Sky Capital and EverStream Energy Capital Management – is roughly enough for 150MW of capacity, SunEdison claims.

The company, which earlier this year changed its name from MEMC, has a 2.9GW project pipeline and a 1GW “backlog”, which indicates a more advanced stage of development.

In June SunEdison extended its multi-year relationship with Wells Fargo, with the bank committing to invest more than $100m of tax-equity financing this year and next into distributed PV projects.

Among the world’s largest solar developers, SunEdison recently saw its board of directors sign off on a plan to spin off the company’s semiconductor business in an initial public offering, with much of the proceeds to be ploughed back into PV development.

The second most valuable publicly listed US solar company, after First Solar, SunEdison intends to sell 430MW-500MW worth of projects this year, with 200MW presently under construction.