Boston, MA 09/10/2014 (wallstreetpr) – Sunedison Inc (NYSE:SUNE) today announced that Google Inc (NASDAQ:GOOG) has concurred to grant $145 million in equity financing for the company’s Regulus solar plant project.
North America’s Largest Project
Sunedison Inc (NYSE:SUNE), a global leader in the manufacture of solar technology and the provider of sun-powered energy services, is building its largest project in North America. The Regulus solar plant is situated in Kern County, California and is expected to commence operating by the end of the year. The plant will power Southern California Edison via a 20-year power purchase deal.
Sunedison credits itself with the development, designing, execution of the structured financing related to the project. The Regulus project, being constructed by the company, was offered to TerraForm Power Inc (NASDAQ:TERP) and signifies 10% of the 808 Megawatt DC in the primary TerraForm portfolio.
As a Seeking Alpha article points out, Sunedison Inc (NYSE:SUNE) has already begun the construction of the 737 acre 82 MW DC solar photovoltaic power plant. The site is an abandoned gas and oil field, on which the company seeks to install more than 248,000 Sunedison mono-crystalline solar photovoltaic modules. The company had initiated working on the project in December 2013 and seeks to continue development with sustained speed and efficiency.
A Clean Future
The Regulus power project aims at generating enough energy so as to fully power as many as 10,000 homes. The carbon-dioxide reductions through the project are expected to equivalent to saving 125 million pounds of coal every year from burning.
The technology giant, Google Inc (NASDAQ:GOOG), has signed a deal with Sunedison Inc (NYSE:SUNE), agreeing to fund more than $1.5 billion in its seventeenth alternative energy venture. The investments span three continents and have a total planned capacity of over 2.5 gigawatts. With this endeavor, Google has taken another big move towards supporting a clean energy future.
Other financial partnerships that Sunedison Inc (NYSE:SUNE) has formed in the construction of the Regulus project include with companies like Prudential and Santandar Bank, N.A.
