SunEdison, a well-performing US-based solar company, is receiving US$160 million of investment from Citigroup Inc. and Barclays Plc for distributed PV generation projects in their mother nation.
Bloomberg reports that the tax-equity financing will be used for 40 projects that average 1.1MW in capacity. Equity partnerships reduce costs for developers as renewable-energy investors benefit from a 30% federal investment tax credit. The financing will applied to rooftop DG systems and ground-mounted systems as well as canopy solar projects. With the investment, SunEdison also expanded its pipeline of power plants by around 20% to 4.3GW.
Marshal Salant, head of alternative-energy finance at Citygroup, commented: “Through this fund, we can provide access to renewable energy to more business and municipal entites.”
