SunEdison (NYSE: SUNE) Gains $1 Billion Funding

Keith Kohl

Written By Keith Kohl

Posted August 18, 2015

Business is booming for solar energy companies amid the global shift to clean energy, and one company is making plans for the long term.

SunEdison has paired with a Goldman Sachs Group Inc.-managed fund to create a Clean Power Fund worth more than $1 billion.

The first round of investment will come from the Goldman fund West Street Infrastructure Partners III, which will offer $300 million in equity, and several banks including Bank of America Corp. and Deutsche Bank AG which will offer $700 million in debt.

Solar Wind PowerThis agreement is expected to go into full effect by the end of October, 2015, in time for it to contribute to SunEdison’s 2016 growth guidance.

Goldman Sachs head of infrastructure investment Edward Pallesen says the main benefit to the group will be to “expand our portfolio of investments in solar wind projects.”

On SunEdison’s end, this is an opportunity to grow and maintain good investment relations.

The company’s subsidiary, TerraForm, buys and operates various power plants, and will have a portion of the funds from this deal to do so.

SunEdison has recently also acquired a warehouse lending fund worth $1.5 billion, and a TerraForm-centered fund of $500 million.

All of this investment will give SunEdison the funds it needs to expand its global reach though building, buying, and operating power plants. We recently reported on the company’s installation of a wind farm in India and its acquisition of Vivint Solar.

And more expansions are on the way as renewable energy’s influence grows. With this kind of funding, SunEdison will be set for its own global growth as well.

To continue reading…

Click here to read the Bloomberg Business article.

Until next time,

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Keith Kohl

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