TOKYO, March 11, 2015 /CNW/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has secured non-recourse project financing from Japan-based Shinsei Bank for its Tarumizu project, a 9.6 megawatt utility scale solar photovoltaic power plant being built in Japan. The Tarumizu project is one of the first utility scale solar projects built by a US company in Japan to receive non-recourse funding from a leading Japanese bank.
"This project is a significant milestone for SunEdison in the growing Japanese renewable energy industry," said Netoshi Kuriyama, Representative Director and Country Manager for Japan at SunEdison. "With this project, we have proven that we can develop bankable projects with leading Japanese financial and EPC partners and we look forward to rapid growth in the Japanese market."
The electricity will be used to power some 3,000 households on the southern Japanese island of Kyushu, contributing to Japan's renewable energy industry and to the electrification of rural Japan. Shinsei Bank will be lending SunEdison 80% of the total project cost for the 9.6 megawatt project. The financing agreement was signed in January and the first drawdown occurred on February 24th. The project is expected to achieve commercial operation in September of 2015.
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company manufactures solar technology and develops, finances, installs, owns and operates wind and solar power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides asset management, operations and maintenance, monitoring and reporting services for its renewable energy customers around the world. Corporate headquarters are in the United States, with additional offices around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including the project is expected to achieve commercial operation in September of 2015. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
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SOURCE SunEdison, Inc.
For further information: Press: Tarur S Shankar (India, Asia-Pacific), SunEdison, firstname.lastname@example.org, +91 (0)9940105622; Investors/Analysts: R. Phelps Morris, SunEdison, email@example.com, +1 (314) 770-7325, http://www.sunedison.com