SunEdison, Inc., a leading global solar technology manufacturer and provider of solar energy services, and TerraForm Power, Inc., a global renewable energy company, today announced the interconnection of two large-scale solar projects totalling 50 megawatts (MW) DC in the UK.
The solar projects will become part of TerraForm Power's operating portfolio before the end of 2014, and SunEdison will continue to manage them.1 This portfolio consolidates SunEdison and TerraForm Power's presence in the UK solar market and continues SunEdison's steady expansion in the region.
"The interconnection and eventual drop-down of these major solar projects demonstrates the mutual benefits of our partnership with SunEdison," said Carlos Domenech, president and chief executive officer of TerraForm Power. "SunEdison can accelerate the growth of its global pipeline with the knowledge that TerraForm will allow them to benefit from long-term ownership. As SunEdison's projects come on-line, we are well positioned to acquire them and generate increased CAFD for our investors."
Once operational, the solar power plants will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 monitoring services. Data collected from the ROC is used to continuously improve the company's products, project designs and service offerings. The energy produced from the projects will be purchased by Statkraft, through a power purchase agreement.
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1. In June 2014, SunEdison and Santander Global Banking and Markets closed a non-recourse debt financing arrangement for the construction of the projects. Santander acted as sole lead arranger and underwriter of the debt financing facilities.