Sunedison Inc (NYSE:SUNE) has been making quite a lot of progress with its latest solar power projects. This is despite the fact that the solar industry has not been seeing a lot of growth lately. The company managed to raise $126 million for its portfolio to shift power production from fields to rooftops. Additionally, the company has also completed a 35.7 MW solar project in Ontario.
For its expansion in UK, the company has successfully secured funding from the Bayerische Landesbank in the country. The company’s UK wing was said to be out of cash after completing eight projects of 97 MW across the UK. The shift comes after the government cut subsidies to ground plants with a larger capacity than 5 MW.
Sunedisons VP for operations in Europe, Beniamino Paradiso, stated that the capacity for the new project would be 300 MW and would equally be split across commercial and residential zones. He also hinted at the project reaching completion in the next 3-5 years.
Sunedison’s project in eastern Ontario is composed of two power plants. The Solar Spirit project adds 17.8 MW to the grid, while the Bruining project adds 17.9 MW. The total capacity of all the Canadian projects of the company amounts to 250 MW, which would be sold to the Independent Electricity System Operator for a period of 20-years.
Additional renewable energy projects have been planned for the country, with a capacity of 2,100-2,300 MW, to be completed by the end of this year. The company also expects to raise that capacity to 2,800-3,800 MW by the end of next year. Sunedison has been the best performing solar energy company since last year. The company expects to continue this trend, despite controversies arising about the viability of solar power and what it would cost the consumers.
Sunedison Inc (NYSE:SUNE) closed at $27.61, after losing 3.97% on May 12. The company has 274.52 million shares being traded in the market, with a 52-week range of $13.09-$28.99.
