A consortium of New Energy Capital Partners, North Sky Capital, and EverStream Energy Capital Management today announced that it has closed an investment of $67.3 million to fund the development and construction of utility‐scale solar photovoltaic power projects in Central and Southern California by SunEdison.
Tim Derrick, President and General Manager, North America, SunEdison, said “We depend on strong relationships with committed finance partners. Working together enables us to deliver predictably priced clean energy to our customers while generating construction jobs in the communities that will benefit from the energy generated by the projects.”
SunEdison is a global leader in developing, building, and operating solar energy assets, with more than 1GW of solar projects under management. The investment is expected to enable SunEdison to complete development and construction of more than 150MW of solar assets. The projects are designed to generate an estimated 320,000 MWh of electricity annually, and create hundreds of jobs for California electrical and construction workers.
“SunEdison is one of the premier solar energy companies in the industry. We look forward to working with them to complete these projects,” said Scott Brown, CEO of New Energy Capital Partners. The New Energy Capital Cleantech Infrastructure Fund and the Cleantech Alliance Fund encourage the creation of union jobs across North America. “This investment offers attractive returns for our investors and we anticipate that it will create approximately 250,000 man‐hours of work for highly‐skilled union laborers in California,” said Scott Barrington, CEO of North Sky Capital, the manager of the Cleantech Allianceb Fund.
“Developers face significant funding gaps at certain stages of the development cycle, and we are committed to bringing flexible and efficient capital to high quality assets,” said PJ Lee, Managing Partner of Everstream Energy Capital Partners.
The investment group was represented by Akin, Gump, Strauss, Hauer & Feld.
About Everstream Energy Capital Partners
EverStream makes equity and equity‐linked investments in energy infrastructure projects and targets areas of the market underserved by most energy and infrastructure funds. EverStream focuses on infrastructure projects with energy off‐take contracts, proven and reliable technology and strong visibility into revenues and cash flows in sectors where the team has a demonstrable edge by virtue of its experience and its sponsor base.
SunEdison, Inc. (NYSE:SUNE), formerly MEMC Electronic Materials, Inc., is a global leader in semiconductor and solar technology, and a leading solar energy services provider dedicated to transforming lives through innovation. SunEdison provides innovative, advanced technology solutions to corporations, utilities, governments and leading chip manufacturers to transform lives around the world. With R&D and manufacturing facilities in the U.S., Europe and Asia, the company focuses on innovation throughout our business. We carry this commitment throughout our global sales, manufacturing, and support organizations. As of June 30, 2013, SunEdison has interconnected over 700 power plants representing more than 1 Gigawatt of solar energy. For more information about SunEdison, please visit www.sunedison.com.
Certain matters discussed in this press release are forward‐looking statements, including that Everstream Energy Capital Partners, North Sky Capital and New Energy Capital are planning to invest more than $67 million in a fund to support utility‐scale projects in Central and Southern California developed by SunEdison; that the projects will generate over 320,000 MWh of electricity annually, and create hundreds of jobs or up to 250,000 hours for California electrical and construction union workers. 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 the availability of acceptable bank debt financing; the availability of acceptable additional equity investors; delays or interruptions in construction of power plants; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in the company’s filings with the Securities and Exchange Commission. These forward‐looking statements represent the company’s judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward‐looking statements.