SunEdison, a leading solar technology manufacturer and provider of solar energy services announced today that it has closed on construction financing underwritten by Deutsche Bank Securities Inc. The funds will be used to construct the 26 megawatt (MW) DC Vega solar power plant located in Merced County, CA.
"Vega is our latest utility-scale project in California and will be a state-of-the-art facility," said Ryan Bennett, vice-president of project finance, SunEdison North America. "Once complete, SunEdison will have contributed over 158 MW DC of clean, cost effective utility-scale solar to the citizens of California in the last 15 months alone. This financing continues our long standing history with Deutsche Bank's leading global project finance platform and is yet another testament to the strength of the relationship."
Vega will be composed of approximately 78,700 SunEdison 330W (watt) monocrystalline SE-F330BYC photovoltaic solar panels, which are built using the highest quality monocrystalline silicon wafers to ensure maximum reliability and performance. The plant is designed to generate enough electricity to power over 3,500 homes per year. According to the U.S. Environmental Protection Agency Greenhouse Gas Equivalencies Calculator, the Vega plant will offset the CO2 emissions of over 41 million pounds of coal annually.
SunEdison is managing the construction of the plant, which is planned to be operational by Q1 2015. Once operational, SunEdison will provide solar asset management services and 24/7 global monitoring, field dispatch and reporting services through its Renewable Operation Center (ROC).