Boston, MA 07/03/2014 (wallstreetpr) – Sunedison Inc (NYSE:SUNE), a provider of energy technology, is returning to Latin America with another major solar project and this time around the company is pitching tents in Chile, again.
The company plans to construct a 73-Megawatt solar farm in China, coming hot on the heels of similar big projects in the country in the past months.
The company constructed a 51 MW solar farm in San Andres, which launched it in the Atacama Desert as its first major project in the region. The company returned to construct a 100-Megawatt solar plant in the region. The second major facility was inaugurated last month.
Sunedison Inc (NYSE:SUNE) still has a big appetite for Latin America and Chile in particular where there exist huge potential for solar energy projects as the country moves to adopt clean energy solutions.
Raising Funds
Sunedison Inc (NYSE:SUNE) recently raised about $190 million through debt financing arrangement with OPIC for use in the construction of the 73-MW facility in Chile, another of its big projects in the country. The latest project is dubbed “Maria Elena” and is located in Chile’s Antofagasta region. The company will own and operate the project as it is expected to be one of the largest Latin America solar power merchant plants.
The facility is expected to be interconnected later this year given that Sunedison now has the funds to finance its construction. As a matter of fact, solar farm projects require considerable investments and the company has been addressing its financial plans to ensure that it has the funds to develop the projects. As of the end of 1Q, the company had $527 million in cash and equivalents.
Acquisition Of Projects
In addition to hunting for its own solar projects, Sunedison Inc (NYSE:SUNE) also acquires projects from other developers. For example, the company announced plans to acquire a 50 MW solar project from BlueWave Capital, which will be the largest solar asset acquisition in Massachusetts. The company also reached a definitive agreement in June to acquire 50 percent stake in Silver Ridge Power.
