Wednesday, September 10, 2014

Google executes $145 million investment in SunEdison and TerraForm Power's largest solar plant In North America

BELMONT, USA: SunEdison Inc. announced that Google Inc. has agreed to provide $145 million in equity financing for the Regulus solar plant.

When completed, the Regulus solar project will be SunEdison's largest developed and constructed project in North America. Located in Kern County, Calif., the Regulus plant will begin operation later this year, and will supply power to Southern California Edison through a 20-year power purchase agreement.

SunEdison developed, designed, executed the structured financing and is constructing the Regulus project, which was contributed to TerraForm Power and represents 10 percent of the 808 MW DC in the initial TerraForm portfolio.

The 737-acre 82 MW DC solar photovoltaic (PV) power plant is in construction on an abandoned gas and oil field, and will be comprised of over 248,000 SunEdison mono-crystalline solar PV modules. Once operational, Regulus is expected to produce enough energy to completely power over 10,000 homes, with CO2 reductions equivalent to not burning 125 million pounds of coal annually.

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