US-based solar technology manufacturer SunEdison has announced the completion of a debt financing deal with Deutsche Bank for the construction of photovoltaic (PV) plants in the UK.
The closing of the debt financing agreement will allow SunEdison to build four utility-scale PV solar plants with a combined capacity of 56MW. The agreement marks the company's foray into the UK market.
Located in Swindon, Wiltshire, North Devon and on the Essex/Suffolk border, the four plants are currently under construction.
The plants are expected to be fully operational by the end of March 2014.
Deutsche Bank co-head of infrastructure and energy Michael Volkermann said, "We are delighted to be involved in this exciting project by providing the financing to our client. This transaction is evidence of Deutsche's expertise in supporting companies in the renewable energy sector by providing extensive advisory and financial services."
Once operational, the projects will be acquired by Foresight Solar Fund, through a share purchase agreement (SPA).
Foresight Solar Fund is a £150m investment company listed on the London Stock Exchange and managed by Foresight Group.
The fund commitment to acquire these assets was declared in the IPO Prospectus issued by Foresight Group in September 2013.
Acquisition of these assets will be completed through the fund's IPO proceeds.
SunEdison president of EMEA and Latin America Jose Perez said the company is foraying in to the UK solar market with a project portfolio while expanding its relationship with Deutsche Bank.
"We view the United Kingdom as a high-growth market for solar and for our company, we are looking forward to supporting economic growth for the United Kingdom through solar projects that create jobs and support the local economy while delivering predictably priced energy," Perez said.
Image: SunEdison completes debt financing for UK solar power projects. Photo: courtesy of Naypong/ FreeDigitalPhotos.net.