SunEdison bags USD 537m for emerging markets move
May 7 – US renewables developer SunEdison Inc (NYSE:SUNE) said today it has obtained some USD 537 million (EUR 476m) in funds to support the launch of its new emerging markets yieldco.
In particular, the company has obtained USD 175 million of equity investments from The Blackstone Group, Everstream Opportunities Fund II and Altai Capital Management. Furthermore, it has agreed a USD-362-million non-recourse acquisition facility with JPMorgan Chase Bank, Barclays, Citigroup and Morgan Stanley.
The debt facility will be used for the purchase of operating renewable energy plants in emerging markets, the company added.
Also today, SunEdison announced that its new emerging markets yieldco vehicle, called TerraForm Global Inc, has filed for an initial public offering (IPO). Meanwhile, the firm has agreed seven transactions that will add over 750 MW of operating plants and 1,918 MW of third-party Right of First Offer (ROFO) projects to that platform.
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