SunEdison $104m for Ontario arrays
US PV group SunEdison has closed on a C$115m ($104m) construction-finance facility with Deutsche Bank Securities to build 33MW of utility-scale capacity in Ontario, strengthening its position as a leading player in the province’s solar market.
The capacity will be built across two plants, both slated for full operation by the end of 2014, and would lift SunEdison’s operational total in Ontario to more than 160MW.
The company did not say whether it intends to sell the projects or keep them on its own books. SunEdison has recently been selling far less operational PV capacity in advance of a possible yieldco IPO, which would allow it to maintain an ownership stake in far more of the capacity it takes on line.
The arrays will be kitted out using more than 100,000 of SunEdison’s in-house Silvantis modules, all of which will be produced in Ontario.
Several years ago SunEdison struck an OEM deal with Flextronics, the electronics manufacturing services giant, to make modules in Ontario in order to meet the province’s domestic manufacturing requirements.
SunEdison, which has claimed it intends to significantly expand its O&M business in the years ahead, will stay on to monitor the two new Ontario arrays via its Renewable Operation Center.