SunEdison Closes Financing on 26-Megawatt California Project

Oct. 23 (Bloomberg) — SunEdison Inc., the best-performing

solar company this year, arranged financing for a 26-megawatt

power plant in California.

The Vega solar farm in Merced County is expected to begin

generating power by the first quarter of next year, St. Peters,

Missouri-based SunEdison said today in a statement. Terms of the

financing underwritten by Deutsche Bank AG weren’t disclosed.

The plant will generate enough electricity for more than 3,500

homes.

SunEdison in the last 15 months has committed to developing

158 megawatts of utility-scale solar power in California. The

company said today it completed a 1.7-megawatt roof-mounted

project in Hesperia, which will sell electricity to Edison

International’s Southern California Edison under a 20-year

contract.

SunEdison gained 2.5 percent to $18.69 at the close in New

York. The shares have gained about 43 percent this year, leading

the 21-member Bloomberg Intelligence Global Large Solar index.

David Einhorn, president of hedge fund Greenlight Capital Inc.,

said Oct. 20 the stock is worth as much as $32 a share.

To contact the reporter on this story:

Justin Doom in New York at

jdoom1@bloomberg.net

To contact the editors responsible for this story:

Reed Landberg at

landberg@bloomberg.net

Will Wade, Jim Efstathiou Jr.

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us