SunEdison expands in Italy with 12 new solar parks

MILAN, ITALY: SunEdison, a division of MEMC Electronic Materials Inc., announced plans to complete 12 one-megawatt (MW) solar energy plants in the province of Lecce, Apulia in Italy, and announced a 47-million-euro financing deal with Norddeutsche Landesbank Girozentale in Germany.

“The announcement of these projects, which follows another major project announced recently by SunEdison in Italy – demonstrates our deep expertise as developers of a wide range of solar energy plants, from rooftop retail facilities to large, ground-mount utility-scale operations,” said Carlos Domenech, president, SunEdison. “Given our financing capabilities and project skills, SunEdison plans to continue to expand rapidly in Italy and in our other targeted growth areas in the United States, Canada and other European countries.”

SunEdison earlier announced a 72 MW photovoltaic solar plant to be built in northeastern Italy near the town of Rovigo as the largest solar energy plant in Europe.

To develop the Apulia projects, SunEdison signed a 47 million euro financing deal with NORD LB - Norddeutsche Landesbank – a leading bank in Germany. Vinod Mukani, Head of Americas Solar Origination for NORD/LB, said: "We are pleased to partner with SunEdison to provide financing for these projects and to support SunEdison in their development plans across the globe. This financing further highlights NORD LB’s client focused strategy, advisory capabilities and its commitment towards renewable energy sector."

Heiko Ludwig, Head of Energy Origination Europe for NORD/LB added: "Considering the intricate nature of the financing for the portfolio, NORD LB advised SunEdison on an efficient and financeable cross border structure for its Italian portfolio. The financing of renewable energies is one of the NORD LB Group’s key areas of business growth and the partnership with SunEdison allows us to demonstrate again our leading position in project financing in the solar sector across the world."

“Our goal is to continue to increase our presence and our solar electric power interconnections in Italy over the course of the year,” said Pancho Perez, General Manager of Europe and MENA Region for SunEdison. “We have very strong project finance and development capabilities and are continuing to expand our relationships with solar channel partners throughout Italy.”

The SunEdison Lecce solar parks will generate power for more than 3,300 homes during their first year of operation while reducing carbon dioxide emissions that are equivalent to taking 2,000 cars off the road. Besides the dramatic environmental advantages, the new solar plants will also create construction and plant operating jobs in the region.

Seven of the Lecce plants are already fully operational and were grid connected and sold in the first quarter of 2010. The other five plants are under construction and expected to be completed and operational by the third quarter. The 47-million-euro financing deal with Nord LB covers the majority of the one-megawatt plants.

“Solar energy has a very bright future in Italy, and we are glad that SunEdison can be a partner in providing clean-energy solar solutions for the region by financing and completing these important projects,” said Liborio Nanni, General Manager, SunEdison Italy.