Renewables

SunEdison, IFC, OPIC close project financing for Latin America solar power project

SunEdison, Inc. has announced the closing of a $100.4 million debt financing arrangement with the Overseas Private Investment Corp., the U.S. government’s development finance institution, and IFC, a member of the World Bank Group, for the construction of the San Andres solar power project in Chile. The 50.7-MWp facility will be the largest merchant solar plant in Latin America and one of the largest in the world.

OPIC is providing $62.9 million of debt, IFC is providing a parallel loan of $37.5 million and Rabobank is providing a local Chilean Peso VAT facility for the equivalent of $25.6 million.

The photovoltaic plant is expected be interconnected during the first quarter of 2014.