69.5 MW Chile solar project gains financing

SunEdison, Inc. (St. Peters, MO) has closed on a $130 million non-recourse debt financing arrangement with Corpbanca and BBVA to support the construction of the 69.5 megawatt (MW) Javiera solar power plant in Chile. According to SunEdison, the deal represents the first time that exclusively commercial banks are participating in a senior debt facility for a solar project in Chile. TerraForm Power, Inc., an indirect subsidiary of SunEdison, intends to execute its call right to purchase an interest in the Javiera facility in 2015 after it is connected to the grid, which is expected to take place in the first quarter. The facility will deliver its output to Minera Los Pelambres, a subsidiary of mining company Antofagasta Minerals, under a 20-year power purchase agreement. SunEdison will operate the plant under a long-term operations and management (O&M) agreement.