June 27, 2014 - SunEdison today announced the closing of a US$ 155 million non-recourse debt financing arrangement with the Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution, the Inter-American Development Bank (IDB), the largest multilateral lender to Latin America and the Caribbean, the Clean Technology Fund (CTF), a multinational fund whose resources are channeled by IDB to support investments aimed at having a transformational impact in the reduction of greenhouse gas emissions, and CorpBanca, one of the most important Chilean commercial banks. The debt proceeds will be used in Chile for the construction of a 72.8MWp (megawatt) solar power plant, to inject energy directly into the Sistema Interconectado del Norte Grande (SING), selling all its production in the spot market (merchant solar).
OPIC is providing US$ 48.9 million of debt, the IDB is providing US$ 50.3 million of debt directly and is also administering the US$ 16.0 million of debt from the CTF, and CorpBanca is providing a parallel loan of US$ 39.8 million in addition to providing a local Chilean Peso VAT facility for the equivalent of US $35 million. CorpBanca's participation represents the first time a local bank is participating in the senior debt facility for a merchant solar project in Chile.
Interconnection of the 72.8MWp plant is expected to take place during 2014. SunEdison will own and operate the plant as part of its ongoing strategy to maximize retained value.
Jose Perez, president, Europe, Middle East, Africa and Latin America for SunEdison, stated "Today marks a new milestone in the energy industry – this power plant demonstrates that photovoltaic solar energy can compete with traditional energy sources and win. It is an international benchmark for the development of solar energy."
Perez added "Maria Elena is the next step in our ongoing commitment to Chile's energy future and the growth of the solar industry, in the interest of a more sustainable future for everyone."
Jean-Marc Aboussouan, Chief of the Infrastructure Division of IDB's Structured and Corporate Finance Department, stated "We are proud to continue supporting the development of the solar energy sector in Chile, together with our private sector partners, and to help the Government of Chile to mobilize resources from the Clean Technology Fund."
"This is an exciting and important project that will advance the field of renewable energy in a country with solar power deployment that's growing at an impressive pace," said Elizabeth Littlefield, OPIC's President and CEO. "SunEdison is a global partner of OPIC's, and with the closing of this loan, we are proud to continue supporting this global leader in clean energy while helping Chile expand its own renewable power capacity."
Rodrigo Oyarzo Brncic, Managing Director, Corporate Banking Division of CorpBanca, stated "Welcome to Energy that allows our country Chile to grow up. Welcome SunEdison to our corporate banking customers, we appreciate the confidence to be the first commercial bank in Chile in developing such a PV project as Senior Lender, VAT Facility Provider, Hedge Provider, and Administrative Agent Bank".