Global PV manufacturer, SunEdison and its yield co spin-off, TerraForm, have completed the connection of two solar power plants in the UK, totalling 50MW.
The solar power plants have been installed in the UK as part of SunEdison’s UK expansion plans.
Power from the installations will be sold via a power purchase agreement (PPA) with independent renewables generator and purchaser, Statkraft, mostly known for hydro power.
To finance the construction of the projects, SunEdison and banking company, Santander Global Banking and Markets, closed a non-recourse debt financing arrangement back in June.
Santander acted as lead arranger and under writer for the debt facility.
The 50MW plants will be managed by the SunEdison Renewable Operation Centre (ROC).
Carlos Domenech, president and chief executive officer of TerraForm Power, said SunEdison “can accelerate the growth of its global pipeline with the knowledge that TerraForm will allow them to benefit from long-term ownership, and, as SunEdison's projects come on-line, we are well positioned to acquire them”.
SunEdison and Terraform already connected two solar projects in California last month and last week internet giant, Google, announced it is to provide US$145 million equity finance for a US solar project operated by TerraForm.