SunEdison, TerraForm Secure Financing For Solar Farms In UK - Quick Facts

(RTTNews) - SunEdison, Inc. (SUNE) and TerraForm Power, Inc. (TERP) said that they have secured financing to build five large-scale solar farms in the UK which will generate 85.2 megawatts of electricity, enough to power more than 26,000 homes.

The projects were previously added to the call right list of TerraForm Power and are expected to be acquired by the company in early 2015.

The companies noted that financing for the solar farms was provided by Santander Global Banking and Markets as well as Bayerische Landesbank, who acted as arrangers, and Santander UK who acted as agent.

Santander and Bayerische Landesbank each provided a 35 million pound non-recourse bridge loan with a tenor of two years, bringing the total amount financed to 70 million pounds. SunEdison has begun construction on all five sites, and will complete them in the first quarter of 2015.