SunEdison demonstrates its ability to deploy high value solar assets in Europe and to structure complex transactions attracting world class financing partners
BELMONT, Calif., July 9, 2012 /PRNewswire/ — SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials (NYSE: WFR), today provided additional details on the solar project closings announced last week. The company closed three transactions involving approximately 98 megawatts (MWp) of photovoltaic (PV) power plants in Europe during the second quarter. The transactions include the sale of a 60MWp power plant in Bulgaria to a consortium of investors consisting of an affiliate of First Reserve Energy Infrastructure Fund, Crescent Capital and ACWA Power; a 13 MWp portfolio of projects in Italy to Eoxis; and a 25MWp power plant in Italy to an institutional investor.
Carlos Domenech, President of SunEdison, commented: “These transactions are a perfect example of SunEdison’s continued ability to structure and execute complex transactions, while aligning world class investors who recognize the growing role solar plays in fulfilling today’s energy needs worldwide.”
Pancho Perez, General Manager of SunEdison for EMEA, Latin America and North Asia, said: “With a solid pipeline of projects in Europe, Latin America and Middle East, we will expand our collaboration with our project partners in the future, and continue SunEdison’s growth worldwide.”
Bulgaria: 60 MWp plant
SunEdison closed on a transaction involving a 60MWp photovoltaic power plant in Bulgaria with a consortium of investors comprised of an affiliate of First Reserve Energy Infrastructure Fund, Crescent Capital, a Turkish private equity firm focused on energy and backed by EBRD, EIB, and other institutional investors, and ACWA Power, the Saudi Arabia based developer, owner and operator of power generation and water desalination plants across the Middle East and Africa. NOMAC, a subsidiary of ACWA Power, and SunEdison entered into a long-term joint venture agreement to provide operation and maintenance services to the power plant.
The photovoltaic power plant, located in Karadzhalovo (a village in the municipality of Parvomay, Bulgaria) which was interconnected in March, was financed through a euro 155 million non-recourse debt financing arrangement with IFC, a member of the World Bank Group, Overseas Private Investment Corporation (OPIC) and Unicredit.
Italy: 13 MWp portfolio sold to Eoxis
SunEdison closed on a transaction involving a portfolio of 13 MWp PV projects in Italy with United Kingdom-based Eoxis. The portfolio consists of three projects located in the region of Campania, which were interconnected in late 2011. The assets will be monitored, maintained and operated by SunEdison under long-term agreements.
In a parallel transaction, SunEdison closed, jointly with Eoxis, the financing of two of the projects included in this portfolio, through a euro 24.9 million non-recourse, long-term senior debt facility with Centrobanca (UBI Banca Group), a Corporate and Investment Bank, with a well established project financing activity on the Italian Market. This facility was partly guaranteed by SACE, the insurance and financial group owned by the Italian Ministry of Economy and Finance, which supports the development of domestic infrastructures and renewable energy sources. The financing agreement included an additional euro 1.7 million VAT facility.
Italy: 25 MWp plant
SunEdison closed on a transaction involving a 25 MWp photovoltaic plant located in Puglia, Italy, operating since the fourth quarter of 2011 with an institutional investor.
In the first full year of operation, the total portfolio is expected to generate sufficient energy to power over 33.000 homes in Italy and Bulgaria and avoid CO(2) emissions equivalent of removing more than 10.000 cars from the road every year.
SunEdison is a global leader in delivering solar power. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2011 SunEdison interconnected approximately 300 Megawatts of solar throughout the world. For more information about SunEdison please visit www.sunedison.com.
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. The company has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison division, MEMC is also a developer of solar power projects and North America‘s largest solar energy services provider. MEMC’s common stock is listed on the New York Stock Exchange under the symbol “WFR”. For more information about MEMC please visit www.memc.com.
About First Reserve:
Founded in 1983, First Reserve is a leading global investment firm dedicated to the energy industry with over U.S. $23 billion of raised capital since inception. With offices in North America, Europe and Asia, First Reserve is well-positioned to make strategic investments on a global basis across the energy value chain. First Reserve seeks to create value for its investors by applying the Firm’s deep industry knowledge, decades of investing and operational experience, highly talented team and powerful network of global relationships to its investments and by actively monitoring its portfolio companies. For additional information, please visit First Reserve’s website at www.firstreserve.com.
About Crescent Capital:
Crescent Capital is the first Turkish private equity firm dedicated to energy and infrastructure investments. Based out of Istanbul, Crescent focuses on projects and companies in Turkey, South Eastern Europe, and Central Asia. The firm’s highly-experienced international team brings together backgrounds in structured finance, private equity, law, engineering, and project development. Crescent’s institutional investor base includes the largest financiers of infrastructure projects in the region. For more information, please visit: www.crescent.com.tr.
About ACWA Power:
ACWA Power International (ACWA Power) is a developer, investor, owner and operator of power generation and desalinated water production plants that produce more than 12,000 MW of power and 2.3 Mm3/day of desalinated water with an investment value of over USD 15.2 billion while providing employment to more than 2300 people. ACWA Power, incorporated in the Kingdom of Saudi Arabia, has in-house team of multidisciplinary professionals which allows it to take the lead developer role in new ventures and achieve the core objective of delivering electricity and desalinated water in a sustainable manner at the lowest possible cost to our customers in our target markets. ACWA Power has established competence in the acquisition of existing assets with a track record of increasing value through enhancing operational efficiency, improving asset performance and integrating the new assets and people into the overall portfolio and team. The current portfolio includes operating/under construction assets in Saudi Arabia, Jordan, Oman, Turkey and South Africa, in addition to the world’s first two sea-going barge mounted, self-contained desalination plants. From its hub in the MENA region, the company is expanding throughout the GCC, Egypt and further to Morocco and Southern Africa. www.acwapower.com
Eoxis is an independent power producer focused on renewable energies with a global mandate. It develops, invests in and operates high quality renewable energy assets in several countries around the world with a technology focus on solar and wind energy, as well as hydro and biomass. Eoxis currently owns and operates about 50 MW of solar PV facilities in Europe and 15 MW of Solar PV facilities in Gujarat, India. Eoxis also recently signed up the development of a 50 MW Wind project with Suzlon in Rajasthan, India. It has a long-term horizon and operates with a team of highly experienced investment, operational and technical professionals. Eoxis is backed by Platina Energy Partners, an independent European investment firm focused on renewable energy with a significant track record in wind and solar generation. Further details on Eoxis available at www.eoxisenergy.com.