US-based SunEdison has burst on to the UK renewables scene after a financing agreement with Deutsche Bank.
The debt financing agreement is in relation to four large scale solar projects currently under construction in Swindon, Wiltshire, North Devon and on the Essex/Suffolk border.
The projects have a collective capacity of 56 megawatts and are expected to be fully operational by the end of next month.
Upon completion, the solar power projects will be sold to Foresight Solar Energy Fund Ltd., but SunEdison will continue to manage the facilities. Power generated by the solar farms will be purchased by SmartestEnergy.
“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,” said Jose Perez, SunEdison’s President of EMEA and Latin America.
In other SunEdison news, the company recently announced it had commenced full-time operations at its 18 MW Tirunelveli solar power plant in Tamil Nadu, India.
The project allows businesses to purchase part of the Tirunelveli Solar Park and lock in electricity pricing for 25 years. SunEdison says investors can typically expect payback of their equity investment as a tax credit within the first year.
“The Tirunelveli Solar Park is a tremendous growth opportunity for our company because it allows us to reach a new customer base of businesses,” said Pashupathy Gopalan, President, SunEdison, Asia Pacific, GCC and South Africa. “We’ve developed this model to make solar a hassle-free investment for businesses.”
It’s been a busy month for the company – SunEdison also recently announced completion of a 16.4 megawatt solar farm located on Davis-Monthan Air Force Base in Arizona and a feasibility study for the construction of an estimated $6.4 billion, 3 GW solar PV manufacturing plant in Saudi Arabia.
